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Arverne Group combines with Transition to publicly list on Euronext Paris the future French leader in geothermal and low-carbon lithium to drive energy transition

September 2023

Client(s) Arverne Group SAS

Jones Day advised Arverne Group SAS, a French company ("Arverne"), in its business combination with Euronext listed Transition SA to create the future French leader in geothermal and low-carbon lithium production. The combination was based on a fully-diluted pre-money valuation of Arverne of €166 million and a value of Transition shares (issued or to be issued) of around €148 million. Transition has now changed its name to "Arverne Group".

The common shares issued by Transition as part of the Merger in consideration of Arverne shares have been listed on the professional segment (compartiment professionnel) of Euronext Paris. Concurrently with the Merger and as part of a private placement (PIPE), Transition issued new common shares to existing and new investors, including Eiffel Investment Group, ADEME Investissement, Crédit Mutuel Equity, Sycomore AM and Renault Group.

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