Davis Polk advised the Caisse des dépôts et consignations, a French public sector financial institution, on its agreement with Veolia Environnement for the reorganization of shareholdings and Veolia’s withdrawal from Transdev Group, an international public transport group.

Under the terms of the agreement, CDC acquired 20% of Transdev’s capital for €220 million. Following this operation, CDC owns 70% of Transdev’s capital and has exclusive control, while Veolia is retaining 30% on a transitional basis.

Caisse des Dépôts and its subsidiaries together form a state-owned group that is a long-term investor serving France’s public interest and local and regional economic development. Transdev is a consultant for regional authorities and supports them in everything from the pre-project phase to project management assistance to daily operation of public transport networks.

The Davis Polk corporate team included counsel Georges Terrier, partner Christophe Perchet and associate Jean-Christophe Devouge. Counsel Jean-Mathieu Cot provided antitrust and competition advice. All members of the Davis Polk team are based in the Paris office.