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Who Represents Who

Find out which law firms are representing which Capital markets clients in Switzerland using The Legal 500's new comprehensive database of law firm/client relationships. Instantly search over 925,000 relationships, including over 83,000 Fortune 500, 46,000 FTSE350 and 13,000 DAX 30 relationships globally. Access is free for in-house lawyers, and by subscription for law firms. For more information, contact david.burgess@legal500.com.

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Bär & Karrer Ltd. is known for its expertise in IPOs as well as equity-related, transactional and bond and note issuance matters. The team advised UBS as bookrunner on AFG Arbonia-Forster’s CHF37.8m private placement of over 2.6m new shares and assisted the banking syndicate with Galenica Santé’s CHF1.9bn IPO. African Bank, Deutsche Bank and Goldman Sachs are other active clients. Thomas Reutter is the main adviser and sole team head, after Till Spillmann joined Niederer Kraft & Frey AG.

Homburger’s ‘industry and product knowledge is a real asset, supported by reliable advice, creativity and outstanding business acumen’. The practice assisted Zur Rose with its CHF252m IPO and listing on the SIX Swiss Exchange and also advised Credit Suisse on its issuance of new shares worth CHF4bn. The client roster also includes Julius Baer, Citigroup Global Markets and Sonova. The ‘very experienced and pragmaticRené Bösch and Benjamin Leisinger are recommended.

FIRMS IN THE SPOTLIGHT

Bär & Karrer

Bär & Karrer has extensive experience representing issuers and underwriters in domestic and international securities offerings. We provide transactional services as well as specific advice in connection with the issuance of securities and subsequent trading in secondary markets. We are regularly retained by leading investment banks and Swiss public companies.

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Lenz & Staehelinmeets the highest standards with regards to response times, business acumen, industry knowledge, team strength and value for money’, handling equity transactions, bond and note offerings, exchange offers and SIX Swiss Exchange registrations. The team advised pharmaceutical company ObsEva on their $97m IPO and also assisted J.P. Morgan and ING with Kernel Holding´s guaranteed notes issuance worth CHF500m. BlackRock and Deutsche Bank are other active clients. Jacques Iffland and the ‘knowledgeable’ François Rayroux are the key partners in Geneva, while Patrick Schleiffer and Hans-Jakob Diem head the corresponding Zurich practice.

Niederer Kraft & Frey AG has ‘considerable experience’ in bond issuances, including ABS transactions, and offers an ‘excellent value-for-money ratio’. Apart from a specialisation in cross-border transactions, the team is also known for its expertise in IPOs and recently assisted Landis+Gyr with its CHF2.3bn IPO. The group also advised Glencore on an EMTN update and a 144A guaranteed-notes offering with a combined value of $21bn. Philippe Weber, Daniel Bono and Christoph Balsiger and the ‘adaptable and thoughtful’ Marco Häusermann are recommended. Till Spillmann joined from Bär & Karrer Ltd..

Walder Wyss Ltd provides ‘in-depth knowledge, fast response times and accurate advice’ on equity and debt capital market transactions. The team assisted Zug Estates with issuing its first CHF100m fixed-interest bond publicly and advised a syndicate of lenders on the public CHF1.35bn takeover offer by EQT of all shares in Kuoni Reisen. The recommended Alexander Nikitine jointly heads the team with Lukas Wyss and Theodor Härtsch. Structured finance expert Markus Pfenninger is another name to note.

Professional law firmBaker McKenzie delivers ‘robust quality of work’ for ‘reasonable fees’, especially in the fields of IPOs and capital market transactions, public M&A, structured products and derivatives. The group advised Schmolz+Bickenbach on the issuance of €200m high-yield senior secured notes on the Luxembourg Stock Exchange and assisted a consortium of banks with the IPO of Zur Rose Group. The ‘very experienced and to-the-pointMartin Anderson, the ‘well-organised’ Marcel Giger and the ‘reliable’ Anette Waygood are recommended along the ‘responsive, practical and capableMatthias Courvoisier, whose ‘huge business network is very helpful’.

Meyerlustenberger Lachenal Ltd (MLL) offers ‘excellent service’ and ‘is strong in the overall assessment of a situation not only from a legal, but also from a commercial view point’. The practice focuses on transactions, structured products, investment fund formation and regulatory matters. Highlights included advising Norwegian railway company Norges Statsbaner on issuing a series of international bonds on the Swiss and Luxembourgian exchanges, as well as assisting Meyer Burger Technology with its financial recapitalisation program, involving both equity and debt capital market transactions. Alexander Vogel, Andrea Sieber and Daniel Schoch are all recommended.

Pestalozzi is an ‘excellent law firm with very good expertise, comprehensive advice as well as attention to detail’ and advises on IPOs, high-yield bond and debt transactions, equity matters, listings, private equity, restructuring finance and private placements. The team assisted Goldman Sachs International and Morgan Stanley International as global coordinators and joint bookrunners with Altice’s $11bn high-yield bond issue. Other clients include Credit Suisse, Gazprombank and Bank of America Merrill Lynch. Oliver Widmer, Severin Roelli and Beat Schwarz are recommended.

Schellenberg Wittmer Ltd is noted for its ‘outstanding derivatives expertise, great responsiveness and adequate fees’. The practice is also active in investment management, debt and equity transactions and regulatory matters in the areas of finance and commodity trading. The group advised Austrian company austriamicrosystems (ams) on its $570m acquisition of all share capital in Heptagon Advanced Micro-Optics and assisted BNP Paribas, Credit Suisse and UBS as joint lead managers with the Republic of Argentina’s CHF400m bonds issue on the SIX Swiss Exchange; both matters were led by Philippe Borens. Derivatives expert Olivier Favre and team lead Martin Lanz are recommended.

Vischer is ‘extremely well connected on an international level and has unique market expertise to deal with complex derivatives and financial instruments’. The practice advised Bâloise and Basler Leben on their CHF288m acquisition of majority shares in Pax Anlage, followed by a public takeover offer for the remaining shares; and also supported CRISPR Therapeutics during its $92m IPO on NASDAQ Global Market. The ‘solution-oriented’ Markus Guggenbühl and Jana Essebier are recommended, as is the ‘responsiveBenedict Christ.

Wenger & Vieli delivers ‘excellent services combined with pragmatism and value for money’, particularly in equity and debt capital markets matters and transactions. The practice advised Züblin Immobilien on the repurchase of a bond, the recapitalisation of equity and the restructuring of its compensation system, while Acron Premium Swiss Assets was supported during its public takeover offer for all shares of Acron Helvetia VII Immobilien. Wolfgang Zürcher has a ‘good understanding of the clients’ business models’ and is also recommended for his ‘fairness and clear communication’.

Bratschi Ltd has ‘strong expertise paired with a hands-on approach in order to find commercial solutions in the best interest of the client’. The team handles mid-sized capital market transactions and the issuance of financial instruments. A recent highlight was the update of The Adecco Group’s €3bn medium-term note program and the team also represented several Syngenta minority shareholders during the latter’s public tender offer from ChemChina. The ‘competent and efficient’ Christian Stambach is recommended.

GHR Rechtsanwälte´s expertise covers securities, initial public and rights offerings as well as convertibles, bond and notes issues, share buy-backs and public tender offers. Long-term client CEMEX received advice on entering a new $4.05bn syndicated facilities agreement with twenty financial institutions and the group also assisted Goldman Sachs and UBS with Swiss law aspects of the restructuring and refinancing of Tronox Group. The ‘excellent’ Marc Grüninger is ‘incredibly responsive and very commercial’.

Kellerhals Carrard provides ‘excellent service across the board as well as practical, to-the-point advice’ and enables ‘mutual trust and a seamless interaction with clients’. In a 2017 highlight, the group advised Vifor Pharma as selling shareholder and Galenica Santé on the latter’s CHF2bn IPO. The ‘very committed and solution-oriented’ Beat Brechbühl is the key contact for transactions, while Dominik Oberholzer heads the financial products team.

Prager Dreifuss AG mainly advises companies listed on the SIX Swiss Exchange and investors in relation to IPOs, stock exchange regulations, transactions and financing structures. Urs Bertschinger heads the team, which also includes M&A lawyers Andreas Moll, Daniel Hayek and Matthias Bürge.

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Press releases

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to

Legal Developments in Switzerland for Capital markets

  • 16 February 2017: Credit Suisse successfully launched its new subsidiary Credit Suisse (Switzerland)

    Credit Suisse (Switzerland) Ltd. was incorporated with the purpose to be organized as a Swiss bank. It is a wholly owned subsidiary of Credit Suisse AG. The transfer of assets and liabilities according to Swiss merger law became effective on 20 November 2016. The transfer was aimed to evolve the legal entity structure of the Credit Suisse Group to meet regulatory requirements for systematically important banks.
    - Walder Wyss Ltd

Legal Developments in Switzerland

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • 17 February 2017: Auris Medical's Public Equity Offering

    Auris Medical Holding AG (NASDAQ: EARS) issued and priced its public offering of 10,000,000 common shares and 10,000,000 warrants, each warrant entitling its holder to purchase 0.70 of a common share.  The common shares and warrants are being sold in units comprised of one common share and one warrant at the public offering price of USD 1.00 per unit. The warrants will be immediately exercisable at a price of USD 1.20 per common share and are exercisable for five years. In connection with the offering, the Company has granted the underwriter a 30-day option to purchase up to 1,500,000 additional common shares and/or 1,500,000 additional warrants at the public offering price less underwriting discounts. The offering is expected to close on or about February 21, 2017, subject to customary closing conditions. Roth Capital Partners is acting as sole book-running manager in the offering. Maxim Group LLC is acting as a financial advisor in the offering.
  • 16 February 2017: Credit Suisse successfully launched its new subsidiary Credit Suisse (Switzerland)

    Credit Suisse (Switzerland) Ltd. was incorporated with the purpose to be organized as a Swiss bank. It is a wholly owned subsidiary of Credit Suisse AG. The transfer of assets and liabilities according to Swiss merger law became effective on 20 November 2016. The transfer was aimed to evolve the legal entity structure of the Credit Suisse Group to meet regulatory requirements for systematically important banks.
  • 14 February 2017: BASF acquires Rolic Group

    BASF acquires Rolic, a Swiss based group offering innovative and forward-thinking solutions, particularly in the display and security industries as well as the optical film business.
  • 15 February 2017: gategroup CHF 300 mio. bond issuance

    gategroup successfully raised CHF 300 million through the issuance of a fixed rate 5-year senior bond with a final maturity on February 28, 2022. The bond with a coupon of 3% p.a. has been issued by gategroup Finance (Luxembourg) S.A. and is guaranteed by its parent company gategroup Holding AG. gategroup will apply for the listing of the new bond on the SIX Swiss Exchange.
  • 17 February 2017: RWS acquires LUZ, Inc.

    RWS Holdings plc, a world leading provider of intellectual property support services (patent translations, international patent filing solutions and searches), commercial translations and linguistic validation, has completed the acquisition of 100% of LUZ, Inc., a market leading Life Sciences language services provider based in San Francisco, for a cash consideration of USD82.5m.
  • 17 February 2017: Cembra Money Bank acquires invoice financing provider SWISSBILLING SA

    Cembra Money Bank has reached an agreement to acquire 100% of the shares of SWISSBILLING. The transaction is expected to close within the first quarter of 2017. The transaction consideration was below CHF 10 million and is expected to have a negative impact of 0.1% on the Group’s CET1 ratio as at closing.
  • 7 February 2017: TPF closes private offering and bank financing

    Transports publics fribourgeois Trafic (TPF TRAFIC) SA closed the financing of its maintenance and exploitation centre in the canton of Fribourg. The financing was partly made through a CHF 40 mio. private placement, a CHF 32 mio. secured bank loan and a CHF 55 mio. unsecured bank loan.
  • 3 February 2017: Migros acquires Tipesca

    The Migros Group, through Mérat & Cie. SA, has acquired Tipesca SA, a company incorporated in the canton of Tessin. Tipesca offers a wide range of fish products.
  • 24 January 2017: Sharp Corporation and Skytec Group Limited enter into strategic business alliance

    Japan-based Sharp Corporation, part of Taiwan’s Foxconn Group, enters into a strategic business alliance with Skytec Group Limited (“Skytec”) regarding the manufacture and sale of Sharp branded products and services in Europe. For that purpose, Sharp acquires a majority stake of 56.7% in the newly incorporated joint venture Skytec UMC Ltd.
  • 25 January 2017: Zug Estates CHF 100 mio. Bond

    Zug Estates Holding AG (SIX: ZUGN) has successfully issued its first CHF 100 mio. fixed-interest bond with a 0.7% coupon and a 5-year maturity.

Press Releases in Switzerland

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to
  • Bär & Karrer advises Coresystems FSM on the takeover by SAP (Schweiz)

    The software company SAP bought all shares of Coresystems FSM AG. Coresystems FSM develops and runs workforce-management software based on a Crowd Service platform which uses artificial intelligence and allows finding available field-service technicians in real time.
  • Bär & Karrer Strengthens its M&A and Banking Practice with two new Partners

    Bär & Karrer is pleased to announce that it further strengthens its M&A and banking practice with new partners Martin Anderson and Frédéric Bétrisey. They will join the firm with their team of associates as of 1 August 2018.
  • Bär & Karrer Advises XO Holding on Sale of Priora FM to ENGIE

    XO Holding AG sold Priora FM SA, a leading Swiss facility management company, to ENGIE Energy Services International S.A., a subsidiary of ENGIE SA, which is listed on the Euronext exchange in Paris and Brussels.
  • Bär & Karrer Advised Andermatt Swiss Alps on the Sale of Real Estate Portfolio and Establishment of

    Andermatt Swiss Alps Ltd has successfully completed a transaction comprising a real estate portfolio sale to Taurus Andermatt Ltd, a newly established real estate joint venture. The portfolio consists of 25 properties located in the Holiday Village Andermatt Reuss in Andermatt (Switzerland). Andermatt Swiss Alps will participate in future sales profits exceeding the list price of the properties.
  • Bär & Karrer Advises the Banking Syndicate in the IPO of Polyphor

    Polyphor Ltd, a clinical-stage biopharmaceutical company focused on the discovery and development of innovative antibiotics and other specialty pharma products, successfully priced its IPO and listed its shares on the SIX Swiss Exchange. Trading in the shares started on 15 May 2018. The shares were priced at the upper end of the price range, resulting in gross proceeds of CHF 165 million. The IPO of Polyphor is considered the largest biotech IPO in Switzerland in over 10 years and one of the top three in Europe within the last three years in terms of proceeds raised by an issuer in order to finance the development of its pipeline.
  • Bär & Karrer Advises Saint-Gobain in connection with the Takeover Battle over Sika

    This morning, Sika and Saint-Gobain have announced the signing of agreements which terminates all disputes around the purchase by Saint-Gobain of a controlling stake in Sika dated 5 December 2014.
  • Bär & Karrer Advised Vyaire Medical on its Acquisition of imtmedical ag

    Vyaire Medical, Inc., a global leader in respiratory care, completed the acquisition of all shares in imtmedical AG, a Swiss company, which is a developer, manufacturer and distributor of mechanical ventilation products.
  • Bär & Karrer Advises CEVA Logistics on its IPO, the anchor investment by CMA CGM and its migration

    CEVA Logistics, one of the world's leading third-party logistics companies, successfully priced its IPO and listed its shares on the SIX Swiss Exchange, where trading commenced on 4 May 2018. With a market capitalization of CHF 1.6 billion and generating gross proceeds of CHF 821 million, this is so far considered as the largest IPO on the SIX Swiss Exchange for 2018. In addition, CMA CGM, the third largest container shipping group in the world, has committed to make a strategic cornerstone investment in CEVA Logistics by purchasing CHF 379 million of mandatory convertible securities which will convert into shares of CEVA Logistics once certain regulatory approvals have been obtained. Simultaneously with the IPO, CEVA Holdings, the former holding company of the CEVA group, migrated from the Marshall Islands to Switzerland by way of a cross-border merger with CEVA Logistic as the surviving company.
  • Bär & Karrer Advises on the Financing of the Largest Thermoelectric Plant in Latin America

    Centrais Elétricas de Sergipe S.A. (CELSE) has successfully issued bonds for approx. USD 1 billion equivalent in local currency at a fixed, long-term rate in international capital markets. The innovative bond issue is guaranteed by the Swiss Export Risk Insurance (SERV), the export credit agency of Switzerland. The bonds are part of a financial package to finance the development, design, construction, operation and maintenance of a thermoelectric power plant by CELSE in the state of Sergipe in the northeast region of Brazil. Besides the bond issue for approx. USD 1 billion, the transaction includes a USD 200 million loan from the International Finance Corporation and a financial package of the Inter-American Development Bank in the amount of approx. USD 300 million. Once operational expected for in 2020, CELSE will sell electricity to 26 distribution companies in Brazil, becoming the largest and most efficient thermoelectric plant in Latin America and the Caribbean.
  • Bär & Karrer Advises lastminute.com on Partial Self-Tender Offer

    On 21 September 2017, an extraordinary shareholders' meeting of the SIX Swiss Exchange listed lastminute.com N.V. authorized the board of directors to repurchase up to 33 1/3% of the company's share capital by means of a partial self-tender offer. The resolution adopted under Dutch law contained detailed information, among others regarding the period for which the authorization is granted, the manner in which the shares are repurchased and the price range within which the offer price must be set.