NautaDutilh Advises Whitestone Group on Proposed EUR 70 Million Capital Increase

"NautaDutilh advised Whitestone Group SA on a proposed approx. EUR 70 million capital increase to back investments in Belgian SMEs. The deal comprises a EUR 46 million private placement with existing shareholders and Alcopa and a EUR 25 million public offering expected in Q2 2026; completion is planned in two stages between January and April 2026."

NautaDutilh advised Whitestone Group SA on its proposed capital increase. Whitestone Group SA, a listed Belgian holding company, has announced plans to raise approximately EUR 70 million to support investments in Belgian SMEs. The transaction will be executed in two phases: a private placement of EUR 46 million with existing shareholders and Alcopa, followed by a public offering of EUR 25 million expected in Q2 2026. The capital increase reflects Whitestone’s growth ambitions since its 2021 listing and is intended to strengthen and expand its investment portfolio, which could exceed EUR 200 million within a year. Investment targets will focus primarily on Belgian SMEs in sectors such as technology (including medtech), materials and niche B2B industries. The transaction is expected to be completed in two stages between January and April 2026, subject to customary conditions and regulatory requirements. NautaDutilh represented Whitestone Group SA with a team composed by: Axel Maeterlinck (Corporate/M&A) and Calista Babuder (Corporate/M&A).

NautaDutilh Advises Whitestone Group on Proposed EUR 70 Million Capital Increase

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