On June 29, Keysight Technologies Inc. announced it had entered into exclusive negotiations with ESI Group’s main shareholders to acquire a controlling interest in ESI Group (Euronext Paris). The shareholders include Willkie client, Briarwood Capital Partners, a New York-based hedge fund.

The binding offer from Keysight will, subject to customary conditions, lead to the acquisition (expected to complete in the fourth quarter of 2023) of a controlling interest in ESI Group at a price per share of €155 in cash. The acquisition values ESI Group’s entire issued and unissued share capital at €913 million on a fully diluted basis.

Founded in 1973, ESI Group is a leading innovator of virtual prototyping solutions in automotive, aerospace, energy and heavy machinery end markets.

The Willkie team comprised London partner Gavin Gordon, Paris partners Fabrice Veverka and Gregory de Saxcé, and associate William Buchanan in London.