Crédit Agricole Assurances to partner with Océinde Group following the acquisition of ICG Infra’s stake in Océinde Communications
Crédit Agricole Assurances (“CAA”) has signed an agreement to acquire a minority stake in Océinde Communications (“OC” or “the company”) from ICG Infrastructure Equity Fund I (“ICG Infra”).
Since acquiring its stake in OC in 2019, ICG Infra has supported OC’s growth and development alongside the majority owner, Océinde Group, which is led by the Goulamaly family and CEO Nassir Goulamaly.
OC is a premier fiber-to-the-home (FTTH) operator on Réunion Island, one of the best-connected departments in France, with the highest FTTH penetration nationwide. With significant investments and the support of the ICG Infra team, OC has expanded its proprietary network allowing the Réunion population to benefit from 94% coverage on the island. In 2019, the company also launched its own Mobile service. Through its Zeop brand, OC is celebrated across the island for its speed, quality of service and extensive coverage, making it a vital part of the local economy.
Crédit Agricole Assurances, which has been a long-term investor in the telecoms sector since 2015, is strongly committed to supporting the company in this exciting new growth phase, alongside the Goulamaly family and OC management. OC plans for growth notably include enhancing fiber activity with new technologies, continuing the expansion of the company’s mobile network and retail activities, as well as broadening the Zeop brand’s presence across the island. OC already has a longstanding and successful relationship with the Crédit Agricole group, through Crédit Agricole Mutuel La Réunion – Mayotte.
The transaction is expected to close before the end of the year.
Nassir Goulamaly, CEO of Océinde SA, said:
“We sincerely thank ICG Infra for their support and the fruitful collaboration over the past five years. We are immensely proud of the exceptional service provided by Zeop and the dedicated men and women behind it, whose efforts have significantly impacted the community and economy of Réunion Island. We are delighted to welcome CAA as our new partner and look forward to the exciting growth opportunities ahead.”
Nicolas Denis, CEO of Crédit Agricole Assurances, said:
“We are proud to announce this new operation, which is fully in line with the long-term investment and diversification strategy of Crédit Agricole Assurances, a strategy which is illustrated through the investment in projects in favor of the development of regional territories alongside major industrial players in the infrastructure sector. This investment in Océinde Communications, a leading telecom operator in the Réunion island, also meets the societal commitments of the Crédit Agricole group to promote access to digital technology for as many people as possible in the French territories. This investment will have a positive impact on the development of the Réunion island, supporting the provision of a modernized telecommunications network, connecting the island to the mainland France and neighboring continents”.
Guillaume d’Engremont, Head of Infrastructure at ICG, added:
“Over the past five years, we have had the privilege of partnering with Océinde SA and the Goulamaly family to consolidate Océinde Communications as the leading telecoms platform of La Réunion. We are proud to have played a part in the company’s journey towards becoming an essential part of La Réunion’s infrastructure, its community and its economic landscape. We are convinced that under Emmanuel André’s management, with the support of their new partner CAA, the company will continue to thrive in its next chapter of growth.”
