Category Archives: News, Deals & Cases

Launch of New Mortgage Fund

Credit Suisse launched a new mortgage fund “Swiss Mortgage Fund I” (the Fund) which is authorised by the Swiss Financial Market Supervisory Authority FINMA and managed by independent asset manager Tavis Capital AG. Credit Suisse (Schweiz) AG will periodically offer mortgage loans which match a set of pre-defined criteria to the Fund. Tavis then selects the mortgages in which the Fund will invest according to the Fund’s investment strategy. The innovative structure involving a combination of sub-participation and assignment of the so selected mortgage loans to the Fund allows Credit Suisse (Schweiz) AG to transfer the risks and returns of the mortgages, thereby relieving its balance sheet and allowing for more flexibility in respect of the management of its capital base.

Acquisition of Opel and Vauxhall businesses by PSA

Groupe PSA (PSA) and General Motors Co. (GM) announced an agreement under which PSA will acquire GM’s Opel and Vauxhall businesses in a transaction valuing at EUR 1.3 bn. Furthermore, PSA together with BNP Paribas will acquire GM Financial’s European operations valuing these activities at EUR 900m through a newly formed 50%/50% joint venture. Upon the closing of this transaction, PSA will become the second-largest automotive company in Europe, with a market share of 17%. Closing is currently expected to take place prior to the end of 2017.

Merger of private equity businesses of Unigestion and Akina

Unigestion and Akina have announced their decision to merge their private equity businesses to create a leading specialist in global small and mid-market private equity. With USD 6 billion in assets under management and 54 dedicated professionals located in Geneva, Zurich, London, New York and Singapore, the combined business will trade under the Unigestion name. Completion of the transaction is subject to the customary regulatory approvals.

Swiss Prime Investment Foundation

On 7 December 2016, Swiss Prime Investment Foundation successfully completed an offering of claims of the investment group “SPA Immobilien Schweiz” with a volume of CHF 470 million. The total equity capital of the investment group is now above CHF 1 billion.

Issue of Mortgage-backed securities by Crédit Agricole

In December 2016, Crédit Agricole Financements (Suisse) SA issued one of the first securitizations of mortgage-backed loans in Switzerland in recent years. The mortgage-backed securities were issued by a special purpose vehicle in Switzerland and placed with Swiss institutional investors. These senior debt tranches have been rated AAA by two international rating agencies.

Baloise Submits Public Tender Offer for Shares of Pax Anlage

Baloise Life Ltd (Baloise) and real-estate company Pax Anlage AG, both listed on SIX Swiss Exchange, have entered into a transaction agreement pursuant to which Baloise will launch a public tender offer for approximately 30 per cent of shares in free float, subject to customary conditions. The pre-announcement of the offer was published on 6 January 2017. Concurrently, Baloise entered into agreements with majority shareholders Pax Holding (Genossenschaft), Pax, Schweizerische Lebensversicherungs-Gesellschaft AG and Nürnberger Lebensversicherung AG to acquire the remaining approximately 70 per cent of the share capital and voting rights in Pax Anlage AG.

AEVIS VICTORIA Submits Public Tender Offer for all Shares of LifeWatch

On 24 January 2017, AEVIS VICTORIA SA (AEVIS) published the pre-announcement of the public takeover offer on all publicly held registered shares of LifeWatch Ltd. (LifeWatch). LifeWatch shareholders can opt for an exchange offer or a cash alternative. For each registered share of LifeWatch, it is foreseen that AEVIS will offer 0.1818 registered share of AEVIS with a nominal value of CHF 5.00. Alternatively, AEVIS offers CHF 10.00 in cash per registered share of LifeWatch.

Possible IPO of Galenica Santé

Galenica announced on 19 January 2017 that in the course of the preparations for the division of the Galenica Group announced in 2016, it has put a focus on the flotation of Galenica Santé by means of an initial public offering (IPO). Galenica anticipates that the division will be completed by no later the end of 2017.

Placement of CHF 250 Million 0.25% Convertible Bonds by Swiss Prime Site

In June 2016, Swiss Prime Site AG has successfully placed CHF 250 Million 0.25% convertible bonds due 2023. The bonds were issued at 100% of their principal amount and will mature on 16 June 2023 at 100% of their principal amount unless previously redeemed, converted or repurchased and cancelled.

Repower AG successfully completed its rights offering generating gross proceeds of CHF 171.3 million

In a decision designed to harmonize and simplify its capital structure, as of 29 April 2016 Repower AG delisted its equity securities from the SIX Swiss Exchange, and subsequently converted its former bearer shares and participation certificates into standard registered shares. On 30 May 2016, Repower announced its intension to increase the company’s capital with the aim of consolidating the capital base, reducing net debt and implementing the measures involved in strategically realigning the organization as an energy services business. In furtherance of this, in June 2015, Repower successfully completed its CHF 171.3 rights offering.