Category Archives: News, Deals & Cases

Rights Offering of Kuros Biosciences

On 6 December 2019, Kuros Biosciences, a life science company focusing on the development and marketing of orthobiologics, completed a capital increase by way of a rights offering to its shareholders. 36.3% of the shareholders of Kuros Biosciences exercised their subscription rights in the rights offering. 2,818,718 of the remaining shares not subscribed were preferably allocated to Optiverder B.V. and further remaining shares were placed in the market. The offer price was set at CHF 1.95 per share.

Jacobs Holding AG successfully placed 550,000 shares in Barry Callebaut AG

Jacobs Holding AG successfully placed 550,000 shares (approx. 10%) in Barry Callebaut AG by way of an accelerated bookbuilding process and a simultaneous private placement. Jacobs Holding thus diversified its portfolio while remaining Barry Callebaut’s reference shareholder with a stake of approximately 40%.

Banque Cantonale de Genève successfully completed the placement of CHF 135 million perpetual additional tier 1 subordinated bonds

Banque Cantonale de Genève successfully completed the placement of CHF 135 million perpetual additional tier 1 subordinated bonds. The additional tier 1 subordinated bonds were issued at 100% of their nominal amount with an interest of 1.875%. Banque Cantonale de Genève, UBS AG, Bank Vontobel AG and Bank J. Safra Sarasin acted as Joint Lead Managers.

Acquisition of UPC by Sunrise

On 27 February 2019, Sunrise Communications Group AG, which is listed on SIX Swiss Exchange, and Liberty Global entered into an agreement regarding the acquisition of the Swiss cable operator UPC Schweiz GmbH, a 100% subsidiary of Libery Global, for en enterprise value of CHF 6.3 billion.

Legatics

One of the editing law firms of CapLaw has gained first experience in the Swiss legal market with the legal tech software Legatics which was deployed in a complex acquisition financing involving multiple investors and borrowers. Legatics is an intelligent deal platform that allows to automatically generate conditions precedent (CP) checklists mirroring the required CPs or other deliverables under loan documents, SPAs or underwriting agreements and permits parties involved in a deal to upload documents besides specific CP-line items and to leave comments and update status with respect to such line items.

Credit Suisse successfully launched its inaugural SARON-based Additional Tier 1 Bonds in the Swiss market and SOFR-linked Bail-in Bonds in the U.S. market

In September 2019, Credit Suisse issued its inaugural SARON-based Additional Tier 1 (AT1) Bonds in the Swiss market and SOFR-linked Bail-in Bonds in the U.S. market. These are the first benchmark deals of Credit Suisse Group AG using interest rates that are based on one of the new risk-free rates established as an alternative to LIBOR, and the AT1 issuance is the first public issuance in the Swiss market to reset over mid-swaps based on SARON. 

KBL European Private Bankers S.A. to acquire Bank am Bellevue AG

In August 2019, KBL European Private Bankers S.A. (KBL epb), a pan-European private banking group headquartered in Luxembourg and operating in 50 cities across Europe, announced that it has entered into an agreement to acquire Bank am Bellevue AG (Bank), the wealth management business of the independent Swiss financial boutique Bellevue Group AG listed on the SIX Swiss Exchange. The acquisition of the Bank – which currently employs 22 staff and manages some CHF 1.7 bn in assets – marks KBL epb’s return to Switzerland.

Completion of the Public Exchange Offer for Panalpina

In August 2019, the public exchange offer by DSV A/S, Hedehusene, Denmark, for the publicly held shares of Panalpina Welttransport (Holding) AG, listed on SIX Swiss Exchange and headquartered in Basel, Switzerland, was successfully completed. A total of 23’379’700 Panalpina shares were tendered into the offer, corresponding to 98.44% of all shares issued by Panalpina. DSV consummated the offer on 19 August 2019. The total value of the transaction is approximately USD 5.5 billion.

Definitive Interim Results of CSA’s public tender offer for Alpiq shares

Following the expiry of the offer period of its public tender offer for all publicly held shares of Alpiq Holding AG, Schweizer Kraftwerksbeteiligungs-AG, a subsidiary of CSA Energy Infrastructure Switzerland, announced that it held 89.22 percent of all Alpiq shares as of the end of the offer period. The additional acceptance period will run from 16 to 27 September 2019. The offer is expected to settle on 9 October 2019.

Public Exchange Offer for Panalpina

In the public exchange offer by DSV A/S, Hedehusene, Denmark, for the publicly held shares of Panalpina Welttransport (Holding) AG, listed on SIX Swiss Exchange and headquartered in Basel, Switzerland, a total of 23’379’700 Panalpina shares were tendered into the offer, corresponding to 98.44% of all shares issued by Panalpina. DSV consummated the offer on 19 August 2019. The total value of the transaction is approximately USD 5.5 billion.