Société Générale completes €745m sale of Moroccan units to Saham Group
Deal News | Dec 20, 2024 | Legal Community MENA
Société Générale has successfully divested its Moroccan subsidiary Société Générale Marocaine de Banques (SGMB) and its insurance entity, La Marocaine Vie, to Saham Group in a deal valued at €745 million. The transaction involves the sale of Société Générale's majority stake of 57.67% in SGMB and Sogcap's shares in La Marocaine Vie. The sale agreements were signed in April 2024, with the completion of the deal contingent upon regulatory approvals. In addition to the sale, Société Générale and Saham Group have also established a long-term commercial partnership aiming to foster new development opportunities for banking services in Morocco. The intricate transaction was advised by Norton Rose Fulbright, whose Paris and Casablanca teams were instrumental in navigating the complexities of corporate, regulatory, tech, IP, competition, and financing aspects of the deal.
Sectors
- Banking
- Insurance
- Legal Services
Geography
- Morocco – The transaction involves Moroccan subsidiaries and affects the banking and insurance landscape in Morocco.
- France – Société Générale is a French multinational banking institution, and Norton Rose Fulbright's team from Paris contributed to the transaction.
Industry
- Banking – The transaction involves the sale of a major banking subsidiary, SGMB, highlighting significant activity in the banking sector.
- Insurance – The deal includes La Marocaine Vie, an insurance subsidiary, which is relevant to the insurance sector.
- Legal Services – Norton Rose Fulbright provided comprehensive legal services for this transaction, showcasing the importance of legal advisory in M&A.
Financials
- €745 million – Total sale value of Société Générale's Moroccan banking and insurance subsidiaries to Saham Group.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Société Générale | Target Company | Company | A French multinational banking and financial services company involved in the sale of its Moroccan subsidiaries. |
| Saham Group | Bidding Company | Company | Acquired Société Générale's Moroccan banking and insurance subsidiaries. |
| Norton Rose Fulbright | Legal Advisor | Company | Provided legal advice to Société Générale on the sale of its Moroccan subsidiaries. |
| Société Générale Marocaine de Banques (SGMB) | Subsidiary | Company | Société Générale's banking subsidiary in Morocco, sold to Saham Group. |
| La Marocaine Vie | Subsidiary | Company | Société Générale's insurance subsidiary in Morocco, included in the sale to Saham Group. |
| Alain Malek | Corporate Partner | Person | Led Norton Rose Fulbright's advisory team from Paris on this transaction. |