RELEASE : NOTIFICATION OF THE PROPOSED ACQUISITION OF JOINT CONTROL OF DIOT SIACI TOPCO SAS BY ARDIAN FRANCE SA AND BURRUS GROUP

Published On - August 26, 2025

Registry ERCA Ongoing Investigations

NOTIFICATION TO THE ECOWAS REGIONAL COMPETITION AUTHORITY OF THE PROPOSED ACQUISITION OF JOINT CONTROL OF DIOT SIACI TOPCO SAS BY ARDIAN FRANCE SA AND BURRUS GROUP

 

Purpose of the Notification

The ECOWAS Regional Competition Authority (ERCA) has received a formal notification of a proposed acquisition of joint control of Diot Siaci TopCo by Ardian France SA and Burruss 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 concerns predominantly the distribution of insurance products (brokerage), being the primary activity of the Diot Siaci TopCo in the ECOWAS Community Market. the transaction is expected to confer a joint control by Ardian Group and Burrus Group, hence an equal control and voting rights in the Diot Siaci TopCo.

Parties to the Transaction

  • Ardian is a French société anonyme, registered in Paris, France. A private investment firm, managing or advising on behalf of investors and clients globally. Ardian’s broad expertise, spanning private equity, real assets and credit, enables it to offer a wide range of investment opportunities and respond flexibly to its client’s differing needs,
  • Burrus Group operates in the sectors for insurance production, financial technology, as well as financial management and advisory services. It is also active globally, via the Target it currently co-controls, in insurance brokerage, insurance underwriting, permanent recruitment, retirement benefits consulting services, and management consulting services.
  • Target Company: Diot Siaci TopCo is a French société par actions simplifiée, with its registered in Paris, France. The Target is an insurance brokerage group.

The Diot Siaci TopCo operates through its subsidiaries in several ECOWAS countries, including Benin, Côte d’Ivoire, Ghana, Guinea, Liberia Nigeria, Senegal, Sierra Leone and Togo.

Nature and Scope of the Transaction

The proposed acquisition for joint control, is part of Ardian’s strategy to acquire equity interests in companies operating in various economic sectors and having medium-term growth potential. The purpose of this share control is a pure private equity investment by Ardian Group.

Principally, the transaction will provide capital to support the continued growth and development of the Diot Siaci group in its activities of:

  • distribution of insurance products (brokerage);
  • provision of insurance underwriting and management services to insurers and reinsurers;
  •  provision of consulting services relating to retirement benefits;
  •  provision of permanent recruitment services; and
  •  provision of management consulting services: human resources consulting services, investment management consulting and insurance consulting.

Expected Outcomes

The parties claim that by aligning the strategic investment objective, the acquisition enables Diot Siaci TopCo to remain a viable service provider in the insurance brokerage   sector. The transaction exemplifies cross-border cooperation in preserving and improving services sector within the region for insurance products and its related products and services

The acquisition is intended to:

  • Provide additional fund for the expansion of the activities of the Target in distribution of insurance products and services within the ECOWAS markets and globally.
  • Ensure the improvement of services to the clients including insurers and reinsurers.

 

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