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NKF advises EFG International on EUR 251m cash offer and issuance of CHF 180m in new Tier 2 Notes
Niederer Kraft & Frey has advised global private banking group EFG International (SIX: EFGN) in connection with its cash offer and consent solicitation to the holders of EFG Fiduciary Certificates, financed through the issuance of new Tier 2 resettable subordinated notes guaranteed by EFG International. BNP Paribas (Suisse) SA and UBS Investment Bank acted as Joint Lead Managers.
EFG International has accepted EUR 251 million in EFG Fiduciary Certificates, representing approximately 95 per cent of the EFG Fiduciary Certificates outstanding, and issued CHF 180 million in new Tier 2 Notes.
The NKF team consisted of Philippe Weber and Daniel Bono, assisted by senior associate Gian-Andrea Caprez and associate Luca Bianchi. Daniela Schmucki and Markus Kronauer provided tax advice.
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Der Finanzbereich ist auch in der Schweiz einer der am stärksten regulierten Wirtschaftzweige. Sich darin zurechtzufinden ist nicht immer einfach. Nachfolgende Ausführungen sollen dazu einen Einstieg vermitteln. Sie zeigen, dass die Schweiz im Gegensatz zum Ausland und abgesehen vom Bereich der kollektiven Kapitalanlagen und der Versicherungsprodukte, was die Zulässigkeit von grenzüberschreitend angebotenen Finanzdienstleistungen anbelangt, ein sehr liberales Regime kennt.- Niederer Kraft & Frey
Intershop has acquired the World Trade Center Lausanne as per 1 December 2016 for a purchase price of CHF 105.5 million. The acquisition represents one of the largest real estate M&A transactions in Switzerland during 2016.
Mercury Systems, a NASDAQ listed leading commercial provider of secure processing subsystems, acquires the Swiss mission computing company Creative Electronic Systems (CES).
Swiss insurtech startup FinanceFox has successfully completed its Series A financing round with Target Global and Horizons Ventures as lead investors. The financing round also included the conversion of existing venture loan investments from, amongst others, Salesforce Ventures. Idinvest, Speedinvest and AngelList.
The independent private investment company Ardian has won the bidding for the Germany based lighting maker SLV. Ardian entered into an agreement with Cinven to acquire SLV. The completion of the transaction is subject to approval of the applicable anti-trust authorities.
Dr. Michael Cartier was elected as an officer of the Inter-Pacific Bar Association (IPBA) for the years 2016 to 2022. Dr. Michael Cartier has previously been Chair of the IPBA TMT Committee from 2013 to 2016. The IPBA is an international association of business and commercial lawyers with a strong interest in the Asia-Pacific Region. It was established in April 1991 and has over 1400 members from over 65 national jurisdictions throughout the world.
Simultaneously with a capital increase a group of investors led by Nikolaus Wein and Yves Latour has acquired a majority stake in Lunchgate AG from its founders. Lunchgate, Switzerland’s leading restaurant platform, was founded in 2009 as ICT startup and has developed a comprehensive product portfolio for restaurateurs and gastronomy groups.
With decision dated 6 October 2016, the Swiss Federal Supreme Court fully rejected a motion to set aside an arbitral award. The decision resulted from a dispute in the amount of about USD 35 million concerning the aviation industry.
On 3 October 2016, UPC Switzerland (formerly upc cablecom) acquired the remaining 51% in e-fon AG. In October 2013, UPC already aquired 49% and entered into a joint venture with the sellers. e-fon is the leading provider in Switzerland for modern telephone solutions in the wholesale market.
Ascom Holding AG (SIX: ASCN) and InfoVista have closed a sale agreement under which InfoVista acquired the Network Testing Division. The transaction is based on a cash-free / debt-free enterprise value of USD 45 million. Ascom received USD 30 million in cash at closing and the remainder of the consideration is in the form of a subordinated vendor loan with a nominal value of USD 15 million, a 7-year maturity and a stated interest rate of 4% p.a.
With decision dated 11 October 2016, the Takeover Board concluded that the refinancing and the potential enforcement of shares in Sulzer Ltd, which serve as a security for the financing banks, does not trigger a duty to launch a mandatory public tender offer for the shares in Sulzer AG for Natixis S.A., Credit Suisse AG, J.P. Morgan Securities Plc, ING Bank N.V., Deutsche Bank (Switzerland) Ltd., Sberbank of Russia as well as Tiwel Holding AG and Renova Holding Limited. Sberbank of Russia was granted an exemption from the obligation to submit a mandatory public tender offer in case that they hold more than 33 1/3% of the voting rights in Sulzer Ltd due to an appropriation of the respective shares in enforcement proceedings.