July 31, 2020

Willkie represents PAI Partners in connection with its contemplated acquisition of a majority stake in Amplitude Surgical, a French Euronext listed leader on the global surgical technology market for lower-limb orthopedics.

On July 30, Willkie client PAI Partners announced that it had entered into exclusive negotiations with Apax Partners along with management to acquire a majority stake in Euronext listed Amplitude Surgical, a French leader on the global surgical technology market for lower-limb orthopedics.

If successful the transaction will be followed by a mandatory public offer.

PAI Partners would acquire, for a price of €2.15 per share and via a special purpose vehicle, all the shares directly or indirectly held by Apax Partners and certain managers of Amplitude Surgical.

The proposed transaction which could be completed in the second half of 2020, remains subject to regulatory approvals in France and abroad.

The mandatory public offer also remains subject to the conclusion of the final documentation and the customary regulatory approvals, notably regarding antitrust.

Founded in 1997 in Valence, France, Amplitude Surgical is a leading player in France. Amplitude Surgical is developing abroad through its subsidiaries and a network of exclusive distributors and agents distributing its products in more than 30 countries. Amplitude Surgical operates on the lower-limb market through the intermediary of its Novastep subsidiaries in France and the United States. As of June 30, 2020, Amplitude Surgical had a workforce of 436 employees and recorded sales of nearly €90 million.

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.