Clasquin SA (ENXTPA:ALCLA) agreed to acquire 63.57% stake in Timar SA (CBSE:TIM) from PUECH family group on January 17, 2023. PUECH family group sold the shares at a price of 450 dirhams per share. Olivier Puech would continue to lead TIMAR as CEO, with the management team. This acquisition would then be followed by a mandatory takeover bid on the remaining portion of TIMAR’s share capital. Completion of the transaction is subject to prior approval by the Moroccan authorities (Conseil de la Concurrence -Morocco’s Competition Council-). As of March 13, 2023, the transaction has been approved by Moroccan Competition Council. Subject to ongoing negotiations and the satisfaction of conditions precedent, the transaction is expected to be completed in the first half of 2023. Christophe Bachelet of DLA Piper Casablanca S.A.R.L. acted as legal advisor to Timar SA.

Clasquin SA (ENXTPA:ALCLA) completed the acquisition of 63.57% stake in Timar SA (CBSE:TIM) from PUECH family group for approximately MAD 140 million on March 28, 2023.