Category Archives: News, Deals & Cases

Acquisition of cashgate by Cembra Money Bank

Cembra Money Bank has agreed to acquire cashgate. The purchase price for the acquisition of cashgate and the refinancing of cashgate’s loan portfolio is partly backed by a bridge facility and is financed and refinanced by the sale of treasury shares (gross proceeds of CHF 112.8 million) in an accelerated bookbuilding, the placement of CHF 150 million perpetual additional Tier 1 bonds and CHF 250 million net share settled convertible bonds.

Public Exchange Offer for Panalpina

On 1 April 2019, DSV A/S, Hedehusene, Denmark and Panalpina Welttransport (Holding) AG, Zurich, Switzerland, have entered into an agreement on the terms and conditions of a combination by way of a public exchange offer by DSV for all publicly held registered shares of Panalpina for approximately CHF 4.6 billion.

IPO of Stadler

Stadler Rail AG, a leading global pure-play producer of rolling stock and related systems, successfully priced its IPO and listed its shares on the SIX Swiss Exchange. The offering consisted of 35,000,000 shares with an over-allotment option of 5,250,000 shares, all of which were offered (directly and indirectly) by Peter Spuhler.

IPO of Medacta

On 4 April 2019, Medacta Group SA, a pure play orthopaedics company, opened the IPO-season 2019 at SIX Swiss Exchange with the first day of trading of its shares. The shares of Medacta were priced at CHF 96.00 per share and on 3 May 2019, Medacta announced that the Joint Global Coordinators (Credit Suisse and Morgan Stanley) have partially exercised the over-allotment option in the amount of 438,472 existing shares at the offer price.

Spin-off of Novartis’ Alcon Business and Listing of Alcon Shares on the SIX and the NYSE

Alcon Inc., the largest eye care device company in the world, with complementary businesses in surgical and vision care, announced its debut as an independent, publicly traded company and the completion of its separation from Novartis on 9 April 2019, the day the company’s shares began trading on the SIX Swiss Exchange and New York Stock Exchange (NYSE). The Alcon shares are also included in the Swiss Market Index (SMI). In light of Alcon’s market capitalization of more than CHF 28bn (at close of trading on SIX on the first day of trading), it was the largest spin-off and listing on the SIX in a decade at least.

Spin-off of Alcon

Today, Novartis AG completed the spin-off of the Alcon eye care devices business, and Alcon Inc. debuted as independent publicly traded company. The Alcon shares were successfully listed on the SIX Swiss Exchange Ltd. and the New York Stock Exchange. They are also included in the Swiss Market Index (SMI), which comprises the 20 largest Swiss listed stocks.

Liberty Global to sell its Swiss operation, UPC Switzerland, to Sunrise

On 27 February 2019, Liberty Global plc (Liberty Global) (NASDAQ: LBTYA, LBTYB AND LBTYK) announced that it has reached a binding agreement to sell its Swiss operation, UPC Switzerland, to Sunrise Communications Group AG (Sunrise) (SIX: SRCG). At 31 December 2018, UPC Switzerland’s network passed 2.3 m homes and served 1.1 m customers. Liberty Global will sell UPC Switzerland for a total enterprise value of CHF 6.3 bn. Sunrise will acquire the business inclusive of indebtedness and other debt items with an aggregate value of approximately CHF 3.7 bn at 31 December 2018. Closing of the transaction is subject to regulatory approval and approval by Sunrise’s shareholders with respect to an associated capital increase.

Oerlikon completes the divestment of its Drive Systems Segment to Dana

On 28 February 2019, Oerlikon (SIX: OERL), a leading technology and engineering group, completed the divestment of its Drive Systems Segment to Dana Incorporated (NYSE: DAN) for an enterprise value of CHF 600 m, which is approximately the same amount of cash proceeds expected from the sale. Based on nearly 100 years of experience, Oerlikon Drive Systems is a global leader in providing high-performance gears, market-leading shifting solutions, power transfer units (PTUs), differentials and planetary drives, as well as innovative solutions for hybrids and e-drives.

ASSA ABLOY acquires controlling stake in agta record

ASSA ABLOY AB (publ), the largest global supplier of intelligent door opening solutions listed on Stockholm Stock Exchange, indirectly acquired a 54% controlling interest in agta record ag. The share price per agta record share is EUR 70. The transaction value amounts to approx. EUR 933m. Agta record group is one of the top players in the global market for automatic pedestrian doors headquartered in Switzerland and listed on Euronext in Paris. The completion of the acquisition is subject to approval of the competition authorities. If the acquisition of the controlling interest is successful ASSA ABLOY intends to launch a public tender offer to buy out remaining shareholders.

Gyrus to acquire DuPont Sustainable Solutions (DSS)

On 25 February 2019, Gyrus 1 LP, a Guernsey limited partnership acting through its general partner, Gyrus GP Guernsey Limited (Gyrus), announced that it has signed an agreement with E. I. du Pont de Nemours and Company and other selling subsidiaries of the group (DuPont) to acquire the DuPont Sustainable Solutions (DSS) business, which will be divested from DuPont to create a new, independent global operations management consulting firm. The new firm will be led and operated by the existing DSS management and supported by Gyrus Capital, an investment firm based in Geneva, Switzerland. DSS is a leading provider of world-class operations management consulting services to help organizations transform and optimize their processes, technologies and capabilities. It has more than 600 consultants and subject matter experts worldwide, serving clients in over 60 countries. Its clients come from industries such as oil and gas, chemicals/petrochemicals, mining and metals, and manufacturing. The transaction is expected to close in July 2019 pending the completion of all closing conditions.