Paris—Dentons advised Marietton Développement, a leading travel group in France, on an owner buy-out (OBO) executed as part of its fourth leveraged buyout (LBO), enabling the group’s employees to increase their shareholding. Certares, the New York-based private equity fund and reference shareholder, will retain approximately 49% of the new structure, Havas Voyages Groupe, alongside historical shareholders Bpifrance and AfricInvest.

Against a backdrop of continued growth—including an increase of 4.5% in business travel and 2% in leisure travel compared with 2024—the transaction is designed to expand equity participation among the 14 members of the Executive Committee as well as interested employees across the group’s 1,800 staff. The goal is to deepen alignment and strengthen a strong sense of ownership within the organization.

Supported by its long-standing shareholders Certares, Bpifrance and AfricInvest, the group will continue to advance its development strategy focused on the continuous enhancement of its offering and client services, together with a selective program of targeted acquisitions.

Dentons acted as counsel to Havas Voyages and its 14 managers on all corporate and tax aspects of the transaction. Led by Pascal Chadenet, partner in Corporate and M&A, the team included Alexis Doise, Joseph Geffroy, Lisa Morand and Alice Lamensans for corporate and M&A aspects, as well as Fabrice Korenbeusser, partner, and Laura Eouagnignon for tax aspects.

Initiated in May 2025 and successfully closed in July 2025, this transaction further demonstrates Dentons' experience in advising major players in the travel and tourism sector on strategic transformations.

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