28 March 2025 Exor launches EUR 1 billion share buyback tender offer De Brauw has acted as lead counsel to Exor on a EUR 1 billion share buyback tender offer. The tender offer will be executed via a reverse "Dutch auction", allowing qualifying shareholders to select the price at which they wish to sell their shares back to Exor within a pre-determined price range, extending in 1% increments, from a 3% discount to a 10% premium over a VWAP reference price. The tender offer is supported by Exor majority shareholder Giovanni Agnelli B.V., which has committed to participate for an amount of up to EUR 250 million at whatever price is ultimately determined to be the strike price (as a 'strike price tender'). As trusted lead legal adviser to Exor, De Brauw was involved in all strategic and legal aspects of the tender offer, the majority shareholder commitment, and the drafting of documentation including the offer memorandum.
13 March 2025 Thorizon secures EUR 20 million in Series A to advance molten salt reactor development De Brauw has advised the start-up Thorizon on securing EUR 20 million in funding to accelerate the development of its innovative molten salt reactor technology that uses nuclear waste as fuel. The EUR 20M will fund prototyping, licensing and demonstration of Thorizon One’s cartridge fuel system, a game-changer towards molten salt reactor industrialization.
28 February 2025 Record EUR 3 billion Ferrari ABB by Exor De Brauw has acted as lead counsel to Exor in its EUR 3 billion sale of Ferrari N.V. common shares through an accelerated bookbuild offering, constituting the largest ABB in the Eurozone of at least the last 10 years. The transaction will reduce concentration in Exor's portfolio and allow for a sizeable new acquisition, when such an opportunity presents itself. Exor also intends to use a portion of the proceeds to launch a new EUR 1 billion share buyback program. Following completion of the transaction, Exor will remain Ferrari's single largest shareholder with c. 20% of the economic rights and c. 30% of the voting rights in Ferrari's share capital and remains fully committed as a long-term shareholder of Ferrari. In the context of the transaction, Exor has entered into a 360-day lock-up commitment, with respect to its remaining common shares of Ferrari. Ferrari participated in the ABB by purchasing c. 10% of the total offering for c. EUR 300 million.