UGGC & Associés advises CDG for its strategic entry into the Moroccan insurance sector

Caisse de Dépôt et de Gestion (CDG) has just acquired a 40% interest in Atlanta and Sanad, Moroccan insurance companies, from Holmarcom Group, their majority shareholder. Atlanta and Sanad are both major players in the Moroccan insurance sector and the goal of this strategic partnership between CDG and Holmarcom Group is to build and develop a leader in the insurance industry in Morocco. This partnership will help consolidate the growth and development strategy implemented by Holmarcom Group over the past ten years and will build up the actual presence and offering of CDG in the financial sector. This agreement also provides for the listing of 20% of Atlanta/Sanad’s capital on the stock exchange within the next 15 months. The legal side of this share acquisition was handled by Patrick Larrivé, partner, and Samuel Schmidt and Mouna Boubia, associates, of UGGC & Associés (Casablanca and Paris offices) on behalf of CDG. The seller (Holmarcom Group) was advised in-house by Salah Aït Ahmed, Holmarcom Group Legal Department, and by François Devedjan of Freshfields (Paris).