South Korea's largest life insurer, Samsung Life, has bought a 20% stake in French sustainable infrastructure specialist Meridiam.
B-Corp Meridiam announced in a note to press that it had successfully closed its recent capital raise, subscribed by Samsung Life, which saw the Korean fund become a 20% shareholder.
Meridiam management controls the remaining 80% of the firm.
The French firm sees its goal as 'building a professional impact ecosystem for the long term', according to CEO Thierry Déau. Meridiam operates in both developed and emerging markets across Europe, Africa and the Americas.
Meridiam develops public real estate projects such as hospitals, schools, nurseries, court houses and university accommodation, as well as building sustainable mobility schemes, including roads, rail, ports and airports, plus charging infrastructure.
Its green energy projects including developing technology-backed schemes that harness solar, hydroelectric, geothermal energy biomass and biogas plants.
Meridiam said that the proceeds from its capital increase would allow the firm to accelerate its next growth phase, with a focus on sustainable assetes and a strong environmental, social and governance (ESG) impact.
The strategic partnership will allow Samsung to support its ambition in the investment in the asset class while furthering Meridiam’s investments.
Déau said: 'This capital increase opens a new path to an ambitious and responsible growth. We have strong ambitions and the necessary means to implement our roadmap. This transaction demonstrates Meridiam’s attractiveness to prestigious investors.'
The transaction has been approved by the Autorité des Marchés Financiers (AMF) and the South Korean Financial Regulatory Authority.
Gide Loyrette Nouel and Campbell Lutyens acted as counsel and advisors on the transaction.
