Global law firm White & Case LLP has advised leading French property builder and developer Kaufman & Broad on its re-IPO.

The transaction consists of the sale of a portion of the shares held by its principal shareholder, Financière Gaillon 8, a company owned by funds controlled by PAI Partners. Financière Gaillon 8 currently holds 91.11 percent of the company's share capital.

The sale comprises a total of approximately €257 million (representing a maximum number of 8,282,901 shares), which may be increased to €282 million in case of full exercise of the over-allotment option. It consists of a private placement to institutional investors from April 21 to April 28, 2016. Concurrently with the placement, Kaufman & Broad will purchase its own shares from Financière Gaillon 8 for €50 million, and Artimus Participations, a company held by certain managers and employees of the group, will acquire an approximately €30 million stake in Kaufman & Broad from Financière Gaillon 8.

After the transactions, Financière Gaillon 8 will hold between 41.1 percent and 34.9 percent of Kaufman & Broad's share capital (in case of full exercise of the over-allotment option.)

Concurrently with these transactions, Kaufman & Broad will also refinance its entire debt, with a new €300 million senior loan with a syndicate of leading international banks.

Created in 1968, Kaufman & Broad generated revenue of €1.06 billion and a net income of €39.8 million during the financial year ended on November 30, 2015.

The White & Case team in Paris which advised on the transaction was led by partners Thomas Le Vert and Philippe Herbelin with support from associates Boris Kreiss and Aymeric Vuillermet. Partner Colin Chang and counsel Max Turner advised on matters of US law, and partner Alexandre Ippolito, with support from associate Estelle Philippi, advised on tax aspects. The refinancing was led by partners Raphael Richard and Samir Berlat with support from associates Roman Picherack, François Jubin and Stanislas Chenu.