Despature Family to acquire the remaining 36% stake in Somfy for $1.42bn.

Despature Family, a family in the textile industry, offered to acquire the remaining 36% stake in Somfy, an engineering services company, for $1.42bn. Financial terms were not disclosed. "Present since 1984 alongside the management, the Despature family, as reference shareholders, has been an important support for the growth of SOMFY, enabling the group to become a world leader, innovative and efficient. This enhanced shareholder stability would allow the teams to be fully focused on pursuing the transformation underway, the satisfaction of our customers and the opportunities to be seized," Pierre Ribeiro, SOMFY Managing Director.