Switzerland

The Tertianum Group is acquiring Senevita AG. This transaction will see two longstanding Swiss providers in the field of residential care and nursing for the elderly join forces. The Swiss Competition Commission (COMCO) has approved the transaction, which is scheduled to be completed in the first quarter of 2026. Bär & Karrer acts as legal advisor to Tertianum in this transaction. The team was led by Dr. Christoph Neeracher and Dr. Philippe Seiler and consisted of Ronny Schmid, Yascha Fengler, Dr. Luca Jagmetti, Björn Wegberg, Markus G. Mezger, and Leo Schall (all M&A), Susanne Schreiber, Martin Leu, Cyrill Diefenbacher, and Aron Liechti (all Tax), Corrado Rampini, Patrick Neher, Fanny Cattaneo, and Hannah Birchmeier (all Real Estate), Mani Reinert, Martin P. Werner, Li Wei Dutler, and Pietro Calcagni (all Antitrust), Laura Widmer and Luljeta Morina (both Employment), Markus Wang and Christine Schweikard (both IP/IT), Ruth BlochRiemer and Sébastien Di Natale (both Pensions), as well as Lukas Roesler (Financing). For further information please contact: Media Relations, Eric Stupp Tel: +41 58 261 50 00 Email: [email protected]

On 14 August 2025 Tecan Group Ltd. (SIX Swiss Exchange: TECN) successfully issued CHF 150 million 0.85% fixed rate domestic straight bonds due 2030. The bonds are listed and traded on the SIX Swiss Exchange. UBS Investment Bank and Zürcher Kantonalbank acted as joint lead managers, with Bank J. Safra Sarasin serving as co-lead manager. Bär & Karrer acted as legal advisor to Tecan. The team included Lukas Roesler, Ralph Malacrida and Selin Ickin (all Capital Markets and Corporate), as well as Susanne Schreiber and Lesia Tüchthuisen (both Tax).

L’Oréal, the world leader in beauty, acquires an additional 10% stake in Galderma Group AG (Galderma), the pure-play dermatology category leader and one of the world’s largest players in injectable aesthetics, from Sunshine SwissCo AG, Abu Dhabi Investment Authority, and Auba Investment Pte. Ltd. (a consortium led by EQT).  This transaction increases L’Oréal’s strategic stake in Galderma to 20% of the share capital. The transaction will be implemented by way of an off-market block trade with the EQT-led consortium. L’Oréal and Galderma will also explore reinforcing their existing scientific partnership. Bär & Karrer is acting as Swiss legal counsel for L’Oréal. The team includes Mariel Hoch, Dieter Dubs, Fabienne Perlini-Frehner, Marlene Lienau, Dominic Leu, Nick Wälti and Ben Tschigg (all M&A) and Mani Reinert (Antitrust) For further information please contact: Media Relations, Eric Stupp Tel: +41 58 261 50 00 Email: [email protected]

On December 8, 2025, EQT announced the sale of an additional 10% stake in Galderma Group AG (SIX: GALD) by a consortium led by EQT, which includes Sunshine SwissCo GmbH (SSCO), Abu Dhabi Investment Authority (ADIA) and Auba Investment Pte. Ltd. (all acting as sellers) to L’Oréal S.A. for an undisclosed amount. Following the transaction, which is subject to customary regulatory approvals, L’Oréal’s total shareholding in Galderma will rise to 20%, building on its initial investment made in August 2024. The EQT-led consortium and L’Oréal agreed to customary provisions for an investment of this type. The previously concluded shareholder undertaking between SSCO and L’Oréal will be dissolved effective upon completion of the transaction. In connection with the increased investment, Galderma will consider nominating two non-independent board candidates from L’Oréal. Homburger acted as transaction counsel to EQT. The team was led by Frank Gerhard and Margrit Marti, and comprised Carlo Sulser, Estelle Piccard, Jannis Zafeirakos and Viviane Egli (all Corporate / M&A, Capital Markets), Stefan Oesterhelt and Laetitia Fracheboud (both Tax), Richard Stäuber and Giulia Meier (both Competition) as well as Micha Fankhauser (Financial Market Regulation).