Cases & Deals

Safran completes €8.7 billion agreed tender offer targeting Zodiac Aerospace's shares creating global leader in aircraft equipment

Clients Safran SA

Jones Day represented Safran in connection with its €8.7 billion agreed tender offer targeting Zodiac Aerospace's shares to create a global leader in aircraft equipment. The transaction structure consists of an agreed tender offer by Safran for Zodiac Aerospace’s shares with a primary cash offer targeting 100 percent of Zodiac Aerospace’s shares and a subsidiary exchange offer targeting a portion of Zodiac Aerospace’s shares in exchange for Safran preferred shares. Safran S.A. is an international high technology group that is a Tier 1 supplier of systems and equipment in Aerospace, Defense and Security with a market cap of €32 billion. Headquartered in France, it had €15.8 billion in sales and €1.9 billion in net profit in 2016. Zodiac Aerospace is a French aerospace group founded in 1896 that supplies systems and equipment for aircraft. It has around 100 sites across the globe and employs nearly 35,000 people.

The combined entity counts 92,000 employees and becomes the number 2 player in aerospace and aircraft equipment with combined revenues of over €20 billion.