Status Update:  Clearance


Acquirer:  Safran SA (France)

Acquired:  Zodiac Aerospace SA (France)

Value:  US$10.5 billion

Industry:  Aerospace


Airliner_PerspectiveUPDATE:  In February 2018, Safran SA completed its tender offer, acquiring Zodiac Aerospace SA, in relation to a May 2017 Business Combination Agreement. (See Safran Group Press Release, Safran and Zodiac Aerospace announce new terms for the contemplated business combination transaction, May 24, 2017; Safran Group Press Release, Safran and Zodiac Aerospace: “Day One”!, Feb. 13, 2018.)  During preliminary investor presentations and calls, the parties stated that a combination with Safran would be subject to CFIUS clearance.  (See Safran S.A., Communication filed pursuant to Rule 425, Thomson Reuters Edited Investor Transcript, Jan. 27, 2017; Zodiac Aerospace S.A., Communication filed pursuant to Rule 425, Investor Presentation, Feb. 1, 2017.)

Posted February 16, 2017

Status: Upcoming/New Filing

On January 19, 2017, Safran SA, and Zodiac Aeospace SA, France’s two largest aeronautic suppliers, announced an agreed public cash offer by Safran for Zodiac shares, valued at approximately US$10.5 billion.   (See Safran and Zodiac Joint Press Release, Safran and Zodiac Aerospace, a new global leader in aerospace, Jan. 19, 2017.)  According to the joint press release, the transaction would combine the number three player in aerospace propulsion and equipment (Safran) with the number two player in aircraft equipment, such as seats, cabin interiors, power distribution, lighting, fuel, oxygen and fluid systems and safety equipment (Zodiac).   The parties prepared a presentation on the combination in which they expect the merger to be completed by 2018, subject to clearance by the Committee on Foreign Investment in the United States (CFIUS) among other regulatory requirements.  (See Safran+Zodiac Aerospace Project: Creating a New Global Leader in Aerospace, Slide 6, Form 425, Feb. 1, 2017, SEC Filing.)