Stephenson Harwood advises Foliateam on distressed acquisition of Fastnet Réseaux et Télécom

Law firm Stephenson Harwood LLP has advised Foliateam on its acquisition of Fastnet Réseaux et Télécom ('Fastnet') out of French receivership proceedings.

Foliateam is France’s leading alternative telecom operator specialising in cybersecurity, cloud and network services.

Founded over thirty years ago and based in the Nantes area, Fastnet is a specialist in IT infrastructure, from cabling to the implementation of telephony solutions, operating in the west of France. As a result of financial difficulties, the company had been placed in receivership proceedings in April 2024.

On 10 July 2024, Foliateam’s offer to take over the business of Fastnet and its employees was selected by the Nantes Commercial Court. With this acquisition, Foliateam adds Nantes to its geographical reach – which already extends across Rennes, Lorient and Bordeaux – and further strengthens its coverage of the west coast of France, increasing its workforce in the region to 80 employees. Foliateam now operates nationwide with 400 employees located in 15 offices, and is aiming for sales of €100 million by 2026.

"Since identifying technology as one of the firm's areas of strategic focus, Stephenson Harwood has been actively developing its expertise in this sector,” said Alexandre Koenig, restructuring and insolvency partner, Stephenson Harwood. “Our resulting specialist understanding of the market and wider considerations made us ideally placed to support Foliateam on this distressed deal."

The team was led by restructuring and insolvency partner Alexandre Koenig, with the support of associate Lauriane Chauvet, employment partner Isabelle Dauzet and managing associate Victor Dehan, and corporate managing associate Ali Hilass.