Bridgepoint, in partnership with General Atlantic and Esker’s management shareholders, has successfully completed its public tender offer for Esker, paving the way for the company’s delisting from Euronext Growth Paris.
Following the reopened offer period from 17 to 30 January 2025, Boréal Bidco SAS ("Boréal Bidco"), the entity leading the acquisition, now holds 92.93% of Esker’s share capital and at least 92.68% of its voting rights. This surpasses the 90% threshold required to initiate a squeeze-out procedure, which will remove Esker from the stock market. The final settlement of the offer is scheduled for 14 February 2025.
The squeeze-out process will see the remaining Esker shares purchased at the same price as the tender offer—€262 per share. Trading of Esker shares has been suspended pending the completion of this process.
A squeeze-out procedure is a legal process that allows a majority shareholder to acquire the remaining shares from minority shareholders. This results in the company becoming fully privately owned and delisted from the stock exchange.
Leadership Reactions
Jean-Michel Bérard, President and Founder of Esker, hailed the deal as a "major milestone" for the company. “Alongside Bridgepoint and General Atlantic, we are equipping ourselves to accelerate our development, further innovate, and strengthen our position as a leader in a rapidly expanding market,” he said.
Emmanuel Olivier, Chief Operating Officer of Esker, echoed this sentiment, calling it "a key milestone" and an "exciting new chapter" for the company.
Bridgepoint executives also expressed confidence in the future of Esker under their ownership. David Nicault, Partner and Head of Technology at Bridgepoint, described the high tender rate as evidence of the offer’s attractiveness and strategic relevance. Vincent-Gaël Baudet, Partner and Head of Bridgepoint Europe in France, emphasised the firm’s ability to "gain the trust of all stakeholders" and open new development opportunities.
Gabriel Caillaux, Co-President and Head of General Atlantic’s EMEA business, highlighted Esker’s "highly differentiated software solution" and potential for further international expansion. “We look forward to partnering with the team as they open this new chapter of growth,” he added.
Next Steps
With the squeeze-out procedure now in motion, Esker is set to complete its transition to private ownership. Information and documentation related to the offer are available on the websites of Esker, Bridgepoint, and the AMF.
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