PAI Mid-Market Fund SCSp., managed by PAI Partners along with Olivier Jallabert and other managers of Amplitude Surgical SA signed a contract to acquire a 52.37% stake in Amplitude Surgical SA (ENXTPA:AMPLI) from Apax Partners SAS and Olivier Jallabert and certain managers of Amplitude Surgical SA for €53.8 million on September 18, 2020. PAI Partners along with Olivier Jallabert and other managers of Amplitude Surgical SA will purchase 25.01 million shares of Amplitude Surgical at €2.15 per share. Post the completion of the transaction, buyers will file a simplified public tender offer for all the remaining shares at a price of €2.15 per share; buyer intends to implement a mandatory squeeze-out, if minority shareholders who do not tender their shares to the offer represent less than 10% of Amplitude Surgical's shares. The public tender offer could take place at the end of 2020 or the beginning of 2021. An independent expert is currently being appointed in order to produce a report on the financial terms of the public offer.

The completion of this transaction was subject to the approval of the French Ministry of the Economy and Finance in relation to foreign direct investments and to the approval of the French and Moroccan competition authorities in relation to merger control regulations. As of September 18, 2020, the transaction has been approved by the Brazilian competition authority. As of September 23, 2020, the French competition authority approved the deal. The transaction is expected to close during the fourth quarter of 2020. Marc Castagnede, Jules Lecoeur, Catherine Maison-Blanche, Frederic Moreau, Romy Richter, Olivier Thebault, Paul Renaudin and Guillaume Valois of Allen & Overy LLP acted as legal advisor to Amplitude Surgical in the transaction. Willkie Farr & Gallagher LLP acted as legal advisors to PAI Partners. The Willkie deal team was led by partners Eduardo Fernandez and Gabriel Flandin and included partners Paul Lombard and Faustine Viala as well as special European counsel David Lambert and Charles-Antoine Erignac.

PAI Mid-Market Fund SCSp., managed by PAI Partners along with Olivier Jallabert and other managers of Amplitude Surgical SA completed the acquisition of 52.37% stake in Amplitude Surgical SA (ENXTPA:AMPLI) from Apax Partners SAS and Olivier Jallabert and certain managers of Amplitude Surgical SA on November 10, 2020. Amplitude Surgical's board of directors is now made up of Stefano Drago, new member and Chairman of the Board of Directors, Olivier Jallabert, member of the Board of Directors and Chief Executive Officer, Daniel Caille, member of the Board of Directors and Madame Charlotte Pennec, new member of the Board of Directors. As part of the change in control of Amplitude Surgical, the Company issued on November 10, 2020 a bond loan in the amount of €110 million subscribed by Tikehau in order to proceed with the early repayment of the 2014 and 2016 bond issues in the amount of €96.6 million as of June 30, 2020. The transaction was unconditionally approved by the French Ministry of the Economy and Finance in relation to foreign direct investments and the French and Moroccan competition authorities in relation to merger control regulations on September 29, 2020, September 23, 2020, September 4, 2020 and October 26, 2020 respectively.