Author Archives: CapLaw

Swiss Steel Holding successfully completes contested CHF 247 million capital increase

Following the successful completion of the CHF 247 million capital increase of Swiss Steel Holding AG the newly issued shares started trading on SIX Swiss Exchange on 23 March 2021. This completed a contested and publicized process in which Swiss Steel Holding’s second largest shareholder Liwet Holding AG had initiated court proceedings and filed an application seeking to block the capital increase. By decision of 29 January 2021, the district court of Lucerne rejected Liwet Holding AG’s respective request. Liwet Holding AG also filed applications with the Swiss Financial Market Supervisory Authority FINMA and the Swiss Takeover Board, which were rejected by FINMA and the Swiss Takeover Board on 27 January 2021 and 5 March 2021, respectively. An appeal by Liwet Holding AG to FINMA against the Swiss Takeover Board’s decision of 5 March 2021 remains pending.

ARYZTA AG announced the disposal of its North American business to Lindsay Goldberg LLC

On 12 March 2021, ARYZTA AG (SWX: ARYN) announced that it has signed a definitive agreement to sell its North American business to Lindsay Goldberg LLC for a total enterprise value of USD 850 million. The transaction is expected to complete by the end of ARYZTA’s current 2021 financial year and is subject to closing conditions customary for this type of transaction.

Cicor with a new major shareholder

3 March 2021 – Cicor, a leading international technology company in the fields of printed circuit boards and hybrid circuits, printed electronics, microelectronics as well as EMS (Electronic Manufacturing Services), based in Boudry (Switzerland), has been informed that HEB Swiss Investment AG, Zurich, has sold all of its shares in Cicor Technologies Ltd. in a binding transaction to an investment vehicle of One Equity Partners (OEP). One Equity Partners (OEP) is a middle market private equity firm with over $8 billion in assets under management focused on transformative combinations within the industrial, healthcare and technology sectors in North America and Europe.

Credit Suisse Group AG issues USD 2 billion of bail-inable notes

On 26 January 2021, Credit Suisse Group AG launched, and on February 2, 2021, suc-cessfully completed, the issuance of USD 2 billion 1.305% Fixed Rate/Floating Rate Senior Callable Notes due 2027 (the Notes) under its U.S. Senior Debt Program. The Notes are bail-inable bonds that are eligible to count towards Credit Suisse’s Swiss gone concern re-quirement.

Seminar “Rescue Measures for Companies in Financial Distress: Restructuring, Debt Restructuring Moratorium, Liquidation, Bankruptcy and their Risks for Executive Bodies” (Seminar “Rettungsmassnahmen für Unternehmen in finanzieller Schieflage: Sanierung, Nachlassstundung, Liquidation, Konkurs und ihre Risiken für Exekutivorgane”)

28 April 2021, Zentrum für Weiterbildung der Universität Zürich, Zurich

Seminar “SJZW-Conference New Corporation Law > Webinar” (Seminar “SJZW-Tagung Neues Aktienrecht > Webinar”)

17 May 2021, Webinar

Seminar “The Latest on Collective Investment Law VIII” (Seminar “Aktuelles zum Kollektivanlagenrecht VIII”)

20 May 2021, Lake Side, Zurich

Seminar “12th Conference on Restructuring and Insolvency of Companies: Hotsposts of Restructuring Law” (Seminar “12. Tagung zur Sanierung und Insolvenz von Unternehmen: Hotspots des Sanierungsrechts”)

2 June 2021, Metropol, Zurich

Seminar “The New Corporation Law” (Seminar “Das neue Aktienrecht”)

9 June 2021, Zentrum für Weiterbildung der Universität Zürich, Zurich

The Carlyle Group to acquire the Acrotec Group

On 7 December 2020, the global investment firm The Carlyle Group announced that it has agreed to acquire the Acrotec Group, in partnership with its management team, from Castik Capital. The transaction is subject to regulatory approvals and is expected to close in Q1 2021. The Acrotec Group is a leading independent supplier of high precision industrial applications to the watchmaking and MedTech industries as well as other high value industrial end markets, such as Automotive, Electronics and Aerospace. The Acrotec Group employs approximately 1,200 people across 18 locations and exports to over 40 countries. Leveraging Carlyle’s global Healthcare expertise and network, the partnership will seek to broaden Acrotec’s MedTech business with expansion into new services and geographies in Europe and in the United States.