GLA & Company has successfully represented Ardian France SA (“Ardian”) on the antitrust and merger control aspects of its acquisition of a 45% stake in Diot Siaci TopCo SAS (“Diot Siaci”) from Ontario Teachers’ Pension Plan (“OTPP”), Cathay Capital, and Bpifrance. The transaction, valued at approximately EUR 1.3 billion, grants Ardian joint control over Diot Siaci alongside the Burrus Group, with shared veto rights over key strategic decisions. The Target’s total equity value is approximately EUR 2.8 billion.

GLA & Co’s Antitrust & Competition team provided comprehensive competition law support across Kuwait and Egypt. From the Kuwaiti perspective, the GLA team prepared the full merger control submission with respect to the transaction and represented the parties in front of the Kuwait Competition Agency (CPA). This included drafting the economic concentration application and economic dimensions report, preparation of the ancillary required documents, and meeting with the CPA to ensure clearance is obtained. In Egypt, GLA & Co represented Ardian before the Egyptian Competition Authority (ECA), successfully securing a “No Filing Required” letter confirming that the transaction did not meet the local filing thresholds—an outcome that facilitated the client’s regulatory compliance before other Egyptian authorities.

The GLA & Co team was led by Asad Ahmad, Head of Antitrust & Competition, and included Khaled Al Makhezeem, Khaled Al Khashab, and Farida Koura.

Ardian is one of Europe’s leading private equity firms, managing a diversified global portfolio with a focus on acquiring equity interests in companies demonstrating medium to long-term growth potential. Diot Siaci, a French-headquartered international insurance brokerage group, provides a range of services in insurance, reinsurance, and risk management across multiple sectors.

Reflecting on the deal, Asad Ahmad, noted: “This transaction exemplifies the increasingly complex regulatory landscape facing cross-border investments in the MENA region. Our team is proud to have guided Ardian through the merger control processes in both Kuwait and Egypt, ensuring seamless compliance and timely clearances. We remain committed to supporting our clients in navigating evolving antitrust frameworks and delivering practical, business-focused solutions in high-stakes transactions.”

Commenting on the transaction, Alex Saleh, Managing Partner at GLA & Co, stated: “We are proud to have supported Ardian on this high-profile cross-border investment, demonstrating GLA & Co’s capacity to navigate complex merger control and antitrust frameworks across multiple jurisdictions with efficiency and precision.”

This transaction reinforces GLA & Co’s position as a leading advisor in competition law and merger control matters across the MENA region. The firm’s Antitrust & Competition practice continues to advise global private equity houses, multinational corporations, and regional investors on securing regulatory approvals and managing antitrust risks in complex multi-jurisdictional transactions.

For more information, please contact Alex Saleh, Managing Partner at alex.saleh@glaco.com or Asad Ahmad, Head of Antitrust & Competition at asad.ahmad@glaco.com