Global law firm White & Case LLP has advised Faurecia, one of the world's largest automotive equipment suppliers, on a strategic partnership with Parrot Automotive.
This partnership, which was signed on March 24, 2017, will enable Faurecia to accelerate development of electronic solutions for the connected vehicle, with Parrot Automotive benefitting from new growth opportunities through Faurecia's strategic relationship with its customers.
In addition, this partnership could enable Faurecia to take control of Parrot Automotive over time. Faurecia will acquire an initial 20 percent participation through a reserved capital increase based on a total enterprise value of €100 million for 100 percent of Parrot Automotive. At the same time, Faurecia will subscribe to bonds issued by Parrot SA which are convertible into existing shares of Parrot Automotive held by Parrot SA and, in case of conversion, allow Faurecia to increase its shareholding in Parrot Automotive to 50.01 percent from 2019. From 2022, Faurecia will be in a position to own all the shares in Parrot Automotive.
The White & Case team in Paris which advised on the transaction was led by partners Hugues Mathez and Nathalie Negre-Eveillard, with support from associates Sophie Nguyen and Julien Etchegaray. Counsel Clara Hainsdorf, with support from associate Caroline Lyannaz, advised on intellectual property aspects. Partner Yann Utzschneider, with support from associate Stanley Miton, advised on competition aspects.
For more information please speak to your local media contact.