Following a competitive auction process, the SNCF Board of Directors has approved to enter into exclusive negotiations with a consortium consisting of CDPQ and a fund managed by DWS Group (DWS) with regards to the sale of Ermewa Holding SAS and its subsidiaries (Ermewa).

The consortium's offer could lead to the conclusion of a definitive agreement once the customary consultation with employee representative bodies within the SNCF Group and Ermewa have been completed. The completion of this transaction should be subject to the authorization of certain competition authorities, including the European Commission, and of the Minister of the Economy, Finance and the Recovery.

Upon completion of the transaction, the capital of the Ermewa Group would be held in equal shares by CDPQ and DWS.

The Freshfields team was composed of Florent Mazeron, partner, with Margaux Bognon-Küss, counsel, Paul Bévierre, and Aia Eid, associates, for corporate aspects; Pascal Cuche, partner, Tanguy Bardet, counsel, and Louise Bragard, associate, for regulatory aspects; Gwen Senlanne, partner, for employment law aspects; Rafique Bachour, partner, Marianne Wood and Laurent Bougard, associates for competition law aspects.