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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
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.
Swiss Life Ltd has successfully placed a EUR 600 million undated subordinated bond, first callable in May 2027. The coupon until the first call date has been fixed at 4.5%.
Spadina House AG acquires all shares in SkyVision Global Networks Ltd., a global IP telecommunication service provider which offers solutions over satellite and fibre optic systems. The acquisition supplements Spadina's portfolio in satellite communication providers. The transaction was highly complex and involved multiple global jurisdictions and telecommunication licensing regimes.
We are delighted to announce that Theodor Härtsch has joined Walder Wyss as new partner on 21 January 2016.
In a cross-border transfer Oriflame Cosmetics Global S.A., Luxembourg has transferred certain assets to Oriflame Cosmetics AG.
The two Swiss web TV platforms Teleboy and Wilmaa entered into a joint venture arrangement. The joint venture's purpose is to coordinate the marketing activities of Teleboy and Wilmaa through a jointly held service company. Each of the joint venture partners has a 50% stake in the service company.
Background of the Reform
On March 3, 2013, the Swiss people voted in a nationwide ballot in favor of the so called “rip-off” initiative by the businessman-turned-politician Thomas Minder...