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NEWS15 November 2016

Ipsos simplifies shareholding structure with LT Participations purchase

Europe Financials M&A News

FRANCE – Ipsos board of directors has approved a merger between Ipsos and LT Participations – the company set up by Ipsos founder and chief executive Didier Truchot and his partner Jean-Marc Lech in 1988.

LT Participations was set up with the sole purpose of controlling Ipsos and it held 25.1% of the share capital and 39.3% of the voting rights of Ipsos.

But following Lech’s death in 2014, Truchot (pictured) assumed sole control of LT Participations (and so Ipsos) on a temporary basis. Truchot and DT & Partners owns 52.2% of LT Participations, Sofina has 35.8%, FPP Invest 10.4% and the rest is held by group managers.

The proposed merger will make DT & Partners – which now also counts Ipsos managers among its shareholders – the new reference shareholder in Ipsos, holding, together with Didier Truchot, around 10% of the share capital.

Prior to the merger with Ipsos, the debt of LT Participations to be paid in full through the sale of Ipsos shares held in the portfolio, for a total amount of around €65.5 million.  

Ipsos wanted to acquire the block of shares sold by LT Participations using its share buy-back programme. It will be financed in full through Ipsos’ available cash.

Truchot said: "This merger marks a decisive new step for our group because it opens the way for Ipsos to expand the scope of the ownership interest of the company’s executive management. It is a concrete demonstration of my desire and that of the Ipsos Board of Directors to ensure the company’s independence over the long term, an essential factor behind its strength and a guarantee of its neutrality."