Switzerland

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).

The controlling shareholder of Campari Group, Luxembourg-based Lagfin S.C.A., completed through its Swiss branch a strategic investment in logol AG, a Swiss leader in AI and digital transformation focused on AI-driven, mission-critical SaaS solutions for professional services. Lagfin's equity investment marks a significant milestone for logol, providing funds to accelerate the development of EFFE Premium, an advanced wealth management platform designed for large-scale entities such as family offices, foundations, and endowment funds. Bär & Karrer acted as Swiss legal advisor to logol in this transaction. The team was led by Andrea Ziswiler (Corporate and M&A) and included Bryan Bruschi and Franco Singenberger (both Corporate and M&A) and Massimo Vanotti (Notarial Services). For further information please contact: Media Relations, Eric Stupp Tel: +41 58 261 50 00 Email: [email protected] Bär & Karrer is a leading Swiss law firm with more than 200 lawyers, providing customized legal advice in complex transactions and litigation. Clients range from multinational corporations to private individuals in Switzerland and abroad. Bär & Karrer is present with offices in all main language regions in Switzerland and operates globally via an international network of leading law firms. For further information please visit baerkarrer.ch.