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White & Case Advises RTL Group on Entry Into Exclusive Negotiations with Groupe TF1, Groupe M6 and Groupe Bouygues for Proposed Merger Between Groupe TF1 and Groupe M6

Global law firm White & Case LLP has advised RTL Group, Europe's largest broadcaster, on its entry into exclusive negotiations with Groupe TF1, Groupe M6 and Groupe Bouygues to merge the activities of Groupe TF1 and Groupe M6 and create a major French media group.

The proposed merger has been unanimously approved by the boards of Groupe TF1, Groupe Bouygues, RTL Group and Groupe M6.

Following the transaction, Bouygues and RTL Group will hold respectively 30 percent and 16 percent of the new group, following the €641 million acquisition of an 11 percent stake by Groupe Bouygues from RTL Group. Groupe Bouygues will have exclusive control over the merged company, acting with RTL Group as a strategic shareholder.

The transaction is expected to close by the end of 2022. In compliance with French legislation, Groupe TF1 and Groupe M6 will initiate information and consultation procedures with the employee representatives. The completion of the transaction remains subject to the approval of the shareholders of M6 and TF1 and is also subject to customary condition precedents, in particular the approvals from the antitrust authorities (Autorité de la Concurrence) and media regulator (Conseil Supérieur de l'Audiovisuel). The transaction will also lead to a request for exemptions from the compulsory filing of a public offer project with the Autorité des marchés financiers.

The White & Case team in Paris which advised on the transaction was led by partner Marc Petitier and included partners Jérémie Marthan, Jean-Luc Champy, Alexandre Ippolito and Alexandre Jaurett, counsel Estelle Jégou and associates Olivier Pâris, Tiphanie Levassort, Hugo Chevillot, Rahel Wendebourg, Quirec de Kersauson, Claire Sardet and Cécilia Grosjean.

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