Should the value of a merger or acquisition exceed a certain threshold, approval from the European Commission is mandatory. In 2024, Brussels approved approximately fifty such transactions in the technology and IT sector, including ten involving a French entity. Find out more with an analysis from the experts at AURIS Finance, an M&A consultancy.
2024 was a significant year for mergers and acquisitions between European tech companies, with 50 transactions subject to scrutiny by Brussels. Under current regulations, the European Commission must be notified of mergers (including mergers, acquisitions, and the creation of a joint venture) before implementation, based on two thresholds: When the combined turnover of the companies involved exceeds €5 billion worldwide and when the turnover of at least two of the companies involved exceeds €250 million within the European Union. All transactions that fall into either of these categories must be approved by the European Commission.
Thales and Atos
In 2024, a number of operations involving a French company were in this situation. Undoubtedly the biggest transaction of the year was that of Thales, the French electronics giant that specialises in aerospace, defence, security and ground transportation. The company completed the $1.1 billion takeover of Cobham AeroComms, another French company. This strategic acquisition was instrumental in broadening Thales’ portfolio of solutions and consolidating its position in the European market, particularly in the field of secure cockpit communications and connectivity. In the same year, Atos, a major French IT services company, announced the sale of its strategic subsidiary, Worldgrid, to Alten for a company value of €270 million. The European Commission approved Alten’s takeover of Worldgrid, clearing any potential competition concerns.
Orange and Ardian
Other notable transactions involving a French entity included the joint venture between the French telecoms operator Orange and its Spanish counterpart Más Móvil. The Commission considered that the transaction would create the largest telecoms operator in Spain in terms of number of customers, and that this newly-created player could result in higher prices for consumers. The two parties obtained Brussels’ approval, subject to a commitment to free up space for an MVNO, which would be another Spanish telecoms operator. Finally, in 2024, Brussels took a closer look at a French private equity company, Ardian Group. In 2016, Ardian had acquired a 60% stake in Dedalus Healthcare Systems, an Italian software company. In 2024, Ardian took sole control of the group, an acquisition that was approved by Brussels.
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In the event of a large-scale operation, the entire ecosystem may be involved, including suppliers. Successfully navigating a complex regulatory framework requires in-depth expertise. At AURIS Finance, our sector-specific experts can assist you with your growth projects, whether they involve raising funds, finding financial partners or acquiring targeted companies.
