Macif (Aéma Groupe) successfully prices a blowout €1.75bn triple tranche RT1, T2 and T3 as part of Aviva France acquisition financing

On Monday 14 June 2021, Natixis acted as Global Coordinator and Joint Bookrunner on MACIF (Aéma Groupe) blowout €1.75bn triple-tranche Restricted Tier 1, Tier 2 and Tier 3 that gathered a combined investor demand in excess of €12bn good at reoffer:

  • €400m 3.50% PerpNC8 RT1 with books in excess of €4bn
  • €850m 2.125% 31nc11 T2 priced at MS+205 bps with books in excess of €5.5bn
  • €500m 0.625% 6-year bullet T3 priced at MS+95 bps with books in excess of €2.6bn

By raising €1.75bn of Eligible Solvency II Capital on the full spectrum of the capital structure, Aéma Groupe has completed another important step in its contemplated €3.2bn acquisition of Aviva France that would lead the group to become a well-diversified and top 5 participant in France across all segments (P&C, Protection, Life & Savings) as well as the 6th Asset Manager in France (by AuM).

Aéma Groupe is the joint mutual protection group resulting from the combination between Aésio (French Health Protection mutualist combination) and Macif (French mutual insurance company created in 1960). On 27 May 2021, Aéma Groupe and Aviva plc signed a SPA related to the acquisition of Aviva France by Aéma Groupe through its affiliate MACIF for €3.2b, following the signing of MOU on 23 February and workers’ council process. The M&A transaction is estimated to close by Q3/Q4 2021 after regulatory approvals.

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