Voyageurs du Monde: Avantage Prepares a Simplified Takeover Bid at €180 per Share
The founding shareholders and institutional investors of Voyageurs du Monde have announced a capital reorganization agreement aimed at consolidating their control through Avantage, followed by a simplified public takeover offer.
Capital Reorganization with Title Contribution to Avantage
The founding shareholders and institutional investors of Voyageurs du Monde have signed a capital reorganization agreement. Avantage, a non-listed holding company that currently holds 62.24% of the capital and 75.80% of the voting rights of Voyageurs du Monde, will proceed to acquire the entire remaining capital. In this restructuring, the main investors will contribute their shares directly to Avantage. In return, the Avantage shares received will not carry voting rights, thus preserving control to the founding shareholders, who will retain 17.32% of the capital and 61.37% of the voting rights of Avantage after this operation.
Acquisition of a Block from Amiral Gestion and Anticipated Final Position
Avantage has concluded a separate agreement with Amiral Gestion for the acquisition of 73,969 Voyageurs du Monde shares, representing 1.65% of the capital, at a price of €180 per share. Following the capital reorganization and this acquisition, Avantage will hold 86.44% of the capital and 90.52% of the voting rights of Voyageurs du Monde. If the transactions are completed, Certares would hold approximately 51.72% of the capital and 49.37% of the voting rights of Avantage, while the founding shareholders would retain 7.54% of the capital and 7.91% of the voting rights.
Simplified Takeover Offer at €180 and Implementation Conditions
Avantage will file with the Financial Markets Authority (AMF) a mandatory simplified public takeover offer for all Voyageurs du Monde shares at a price of €180 per share and for convertible bonds at a price of €182.52 (reflecting a conversion ratio of 1.014 shares per bond). This price of €180 represents a premium of 23.7% over the closing price on July 6, 2026, and 27.2% over the volume-weighted average for the 60 business days prior to this date. The offer is expected to be filed during the second half of 2026, subject to an equity opinion from an independent expert and the compliance decision of the AMF. In case of success and implementation of a mandatory withdrawal, a liquidity mechanism would then be set up within Avantage. The entire set of these transactions, carried out at a base price of €180 per share, is already fully financed.
