Press Release

White & Case Advises Bank Syndicate on Parrot's €300 Million Rights Issue

Global law firm White & Case LLP has advised a syndicate of banks led by Natixis and BNP Paribas, as Global Coordinators, Joint Lead Managers and Joint Bookrunners, and HSBC Bank plc and J.P. Morgan Securities plc as Joint Bookrunners, on Parrot's €300 million right issue.

Founded in 1994 by Henri Seydoux and listed on the regulated market of Euronext Paris since 2006, Parrot creates, develops and markets advanced technology wireless products, particularly civil and professional drones.

The rights issue, with preferential subscription rights, aims at accelerating the development of the group and consolidating its leadership position in the consumer and commercial drones markets.

This transaction is supported by Henri Seydoux, Parrot's main shareholder, through Horizon SAS, the company that he controls. Bpifrance and IDG Capital Partners have participated in the transaction and will respectively hold 5.15 percent and 1.47 percent of the company's share capital and voting rights.

The White & Case team in Paris which advised on the transaction was led by partners Philippe Herbelin and Séverin Robillard with support from associates Isabelle Touré-Farah and Mathieu Damnon. Partner Colin Chang and counsel Max Turner advised on matters of US law. Counsel Emmanuelle Pontnau-Faure advised on tax issues. Counsel Clara Hainsdorf, with support from associate Caroline Lyannaz, advised on intellectual property.

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