RELEASE: PROPOSED ACQUISITION OF THE SOCIÉTÉ PHOCÉENNE DE PARTICIPATIONS (SPP) BY OAKVIEW CAPITAL L6 DAC AND CF BM UK HOLDINGS LTD

Published On - August 5, 2025

Registry ERCA Ongoing Investigations

COMMUNICATION ON THE NOTIFICATION TO THE ECOWAS REGIONAL COMPETITION AUTHORITY OF THE PROPOSED ACQUISITION OF THE SOCIÉTÉ PHOCÉENNE DE PARTICIPATIONS (SPP) BY OAKVIEW CAPITAL L6 DAC AND CF BM UK HOLDINGS LTD

 

Purpose of the Notification

The ECOWAS Regional Competition Authority (ERCA) has received a formal notification of a proposed acquisition by a consortium composed of Oakview Capital L6 DAC and CF BM UK Holdings Ltd concerning their intention to acquire Société Phocéenne de Participations (SPP), the holding company of the Bourbon Group.

This transaction is subject to prior approval by ERCA, pursuant to Article 2(1)(a) of Regulation C/REG.23/12/21 governing merger and acquisition procedures within the ECOWAS region, and the Enabling Rule PC/REX.1/01/24 on notification thresholds. As the transaction involves economic activities in more than one ECOWAS Member State, regional notification and assessment are required.

The transaction aims to confer majority control—approximately 70.34%—of SPP and its affiliates to the Consortium.

Parties to the Transaction

  • Oakview Capital L6 DAC, an Irish investment holding and asset management company ultimately controlled by Davidson Kempner Capital Management LP.
  • CF BM UK Holdings Ltd, a UK-based investment holding company owned by funds managed by affiliates of Fortress Investment Group LLC.
  • Target Company: Société Phocéenne de Participations (SPP), the parent entity of the Bourbon Group, a global provider of marine logistics and subsea services to the offshore energy industry.

The Bourbon Group operates in several ECOWAS countries, including Côte d’Ivoire, Ghana, Nigeria, and Senegal.

Nature and Scope of the Transaction

The proposed acquisition forms part of a broader court-supervised financial restructuring under French insolvency law. The primary objective is to stabilize and recapitalize the Bourbon Group to prevent liquidation and allow the continuation of its offshore service operations.

Key elements of the transaction include:

  • A significant capital injection to restore operational continuity.
  • Equitization of existing debt to alleviate the financial burden.
  • Restructuring of vessel lease agreements and enhancement of governance mechanisms.
  • Establishment of a restructured board of directors representing the acquirers and minority stakeholders.

Expected Outcomes

By aligning the interests of creditors, investors, and regulators, the acquisition enables Bourbon to remain a viable operator in the offshore services sector. The transaction exemplifies cross-border cooperation in preserving industrial capacity and regional economic integration.

The acquisition is intended to:

  • Prevent the liquidation and market exit of Bourbon Group, which would result in job losses and service disruptions across ECOWAS markets.
  • Ensure the continuity of critical offshore support services to the oil and gas sector.
  • Recapitalize and restructure Bourbon Group, positioning it for sustainable growth and potential future public offering.
  • Protect employment and maintain economic stability in countries where Bourbon is operational.

Third Party Rights

In accordance with Article 44(2)(a)(iv) of the ERCA’s Investigation and Notification Manual of Procedures, interested third parties are invited to submit their comments within thirty (30) days from the date of publication of this notice.

Submissions must be supported by relevant documentation and sent in confidence to the following address:

ECOWAS Regional Competition Authority (ERCA)

Bertil Harding, Bijilo, The Gambia

P.O. Box 4470

Or sent electronically to: registry@erca-arcc.org and info@erca-arcc.org