De Brauw has advised Royal Schiphol Group N.V. ("RSG") on the unwinding of its cross-shareholding with Aéroports de Paris S.A. ("ADP"). The unwinding of the 8% cross-shareholdings marks the end of the industrial cooperation between RSG and ADP and was completed in a series of transactions, including multiple block trades, an accelerated bookbuild and a repurchase of shares.
RSG has sold its stake in ADP through two block trades with large institutional investors, Crédit Agricole Assurance and Canada Pension Plan Investment Board (CPPIB), which took place in November 2022. RSG subsequently sold its remaining shareholding (approx. 3.9%) in ADP through an accelerated bookbuilding process, which took place on 5 December. To complete the unwinding of the cross-shareholding, RSG repurchased the RSG shares held by ADP.