Davis Polk is advising Starwood Capital Group in connection with an irrevocable offer by Fortune Fountain Capital, a prominent Asian investment firm established as a family office, to acquire 88.8% of the share capital of Baccarat, the internationally renowned French luxury crystal Maison, from affiliates of Starwood Capital Group and L Catterton, at a price of €222.7 per share, for €164 million. The closing of the block purchase would be followed by the filing with the Autorité des Marchés Financiers of a mandatory tender offer for the remaining outstanding shares at the same price per share.

The acquisition by FFC will enable Baccarat to accelerate its strategic international plans, including expansion into emerging markets such as Asia and the Middle East, as well as continued growth across existing developed markets, particularly North America. FFC is committed to investing extensively in Baccarat’s core business and supporting the company’s development through further expansion into adjacent luxury categories, by fully leveraging its extensive business network in the luxury sector and its close relationships with prominent families across Asia and Europe.

The Davis Polk corporate team included partner Jacques Naquet-Radiguet and associate Stéphane Daniel. All members of the Davis Polk team are based in the Paris office.