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Eiffel and Eurazeo – Segula

Waiver
Approved

Stage

Waiver application

Waiver Application Date

24/02/2026

Determination Published

26/02/2026 (2 cal / 2 bus. days)

Determination

Approved

Acquirers

Eiffel Investment Group SAS

SIREN 510 813 991

Eurazeo SE

SIREN 692 030 992

Targets

Segula Holding SAS

SIREN 343 166 393

Description

The acquisition will involve a deleveraging through a debt-to-equity swap resulting in Segula’s creditors, Eiffel Investment Group SAS (Eiffel) and Eurazeo SE (Eurazeo), acquiring joint control of Segula Holding SAS (Segula).

The acquisition is part of a financial restructuring aimed at saving Segula from judicial liquidation. It will be carried out under the supervision of the Nanterre Commercial Court (accelerated safeguard procedure) in France and result in Eiffel and Eurazeo each holding 50% of the voting rights in Segula.

Eiffel is an asset management company ultimately and exclusively controlled by Impala SAS (Impala). Impala is a French private diversified investment company, active in France and internationally in asset management and corporate finance, as well as in the energy and finance sectors.

Eurazeo is a French listed global investment group active in private equity, private debt and real assets.

Segula is a global engineering and technology consulting group providing technical services and innovation solutions primarily for the automotive, aerospace, energy, rail and marine sectors. Segula’s activities in Australia are currently limited to the provision of professional engineering services to primarily the automotive and rail sectors.

Timeline & Events

  • Waiver application determination: Approved

    26/02/2026

  • Merger notified to ACCC

    24/02/2026