France · Competition
Sanofi sold control of Opella and kept a 48.2% stake
CD&R acquired a controlling 50% stake in Opella on 30 April 2025. Sanofi retained 48.2% and Bpifrance took 1.8%. Sanofi's annual filing later reported €10.4 billion of net cash inflow and described how it accounted for its remaining investment.
Sources checked
- 21 October 2024Exclusive negotiations announced
Approximately €16 billion enterprise value Source 1
- 18 February 2025Share purchase agreement signed
Date identified in Sanofi's annual report Source 3
- 30 April 2025Transaction closes
CD&R 50.0%, Sanofi 48.2%, Bpifrance 1.8% Source 2
- 30 April 2025Retained interest first recognised
€3.2 billion accounting value including capitalised transaction costs Source 3
- 2025 annual filingNet cash inflow reported
€10.4 billion cash inflow and €2.6 billion net accounting gain Source 3
The cash inflow and value of the retained interest were reported in separate accounts.
A controlling stake can be exactly half the shares
Sanofi described CD&R's 50% stake as controlling. It retained 48.2%, giving it significant influence according to its annual filing, and accounted for the interest using the equity method. Bpifrance held the remaining 1.8%. Source 2 Source 3
The enterprise value is the basis for pricing
Sanofi announced an approximate €16 billion enterprise value during exclusive negotiations. Its annual filing records €10.4 billion of net cash inflow from the transaction. The cash flow line and enterprise valuation are distinct figures and cannot be compared as if they were the two halves of the equity. Source 1 Source 3
The retained interest appears separately in the accounts
Sanofi reported the 48.2% investment at €3.2 billion on initial recognition, including capitalised transaction costs. It separately recorded a €2.6 billion net gain from the transaction in discontinued operations. Those accounting entries measure different things from cash received. Source 3
The shareholder agreement limits early transfers
The filing describes a three-year lock-up after closing, during which only certain transfers by Sanofi are permitted. It also describes CD&R's right of first offer on a subsequent transfer and other shareholder rights. These terms constrain how the remaining interest can be sold. Source 3