Cicor, a European leader in integrated electronic solutions, has finalized the acquisition of most of Eolane’s French operations. AURIS Finance’s merger and acquisition experts provide an analysis. One of Europe’s electronics giants, Swiss-based Cicor—with a turnover of €501 million in 2024—has acquired the majority of the French operations of the Eolane group. The deal includes five French sites and two Moroccan plants, integrating 90% of the workforce, or 890 employees. The acquisition was completed under the supervision of the Paris Commercial Court. Placed under judicial recovery in March 2025, Eolane had a total of 2,500 employees, including 1,000 in France. The Valence site and Eolane’s units in Germany, Estonia, Malaysia, and China are not part of the transaction.
Job Preservation
Other sector players, Cofidur and Synov, were also in the running to take over the group. Eolane’s employees overwhelmingly favored Cicor’s offer, “the least unfavorable in terms of the scope of the takeover, covering 6 out of 7 French entities, compared to Cofidur and Synov, which covered between 2 and 3 entities,” according to the representatives of Eolane’s Social and Economic Committee. Around 100 layoffs are expected by the new owner, while the closure of the Valence site could result in the loss of 150 jobs.
National Sovereignty
Hivest, Eolane’s majority shareholder since 2017, is withdrawing from France, where sites are currently facing significant economic difficulties. The shareholder is focusing on its most profitable international sites: China, Estonia, and Malaysia, while the holding company remains domiciled in Luxembourg. The acquisition of Eolane’s French operations by a Swiss player is controversial in a tense geopolitical context. Unions denounce an “aberration in a context of war effort.” In France, nearly one-third of Eolane’s turnover was linked to the defense sector, with the group supplying companies such as Thales, Airbus, and Alstom. This shift to Swiss control increases France’s dependence on a foreign player in a critical sector.
European Giant
For the Swiss giant, the acquisition of Eolane marks a step forward in its development. The group aims to become the European champion in subcontracting for defense, aerospace, industry, and healthcare. Cicor plans to invest over €30 million to relaunch and modernize the acquired sites, including more than €4 million for new equipment. The operation adds approximately 125 million Swiss francs in turnover and strengthens Cicor’s presence in the French market. Cicor now aims to exceed 1 billion Swiss francs in turnover by 2028, building on this operation and other recent acquisitions in Europe.
Our Experts by Your Side
The current environment, marked by geopolitical tensions and increased attention to strategic value chains, leaves little room for improvisation. The electronics sector, in full reorganization, could see further market movements in the coming months. AURIS Finance’s sector-specialized experts support you throughout the structuring of your development or sale project. Contact us
