Bär & Karrer Ltd. > Zurich, Switzerland > Firm Profile

Bär & Karrer Ltd.
BRANDSCHENKESTRASSE 90
8027 ZÜRICH
Switzerland

Switzerland > Banking and finance: Zurich Tier 1

Bär & Karrer Ltd. advises high-profile national and international clients including banks, asset managers, fintech companies, and other financial institutions. The team is active across a range of issues including regulation of distributed ledger technology and enforcement proceedings for shareholding disclosure rules, anti-money laundering, and unauthorised banking. Eric Stupp heads the team and regularly advises clients on regulatory matters, enforcement proceedings, and financial transactions. Other core names within the team include Ralph Malacrida who specialises in M&A and corporate financial transactions and Peter Hsu who regularly advises domestic and international banks and fintech businesses on cross-border regulatory and contractual matters. With a special focus on fintech, Daniel Flühmann is a key contact who regularly advises financial innovators and established market participants. Capital markets and finance expert Lukas Roesler specialises in advising various actors involved in financial transactions.

Practice head(s):

Eric Stupp; Ralph Malacrida; Peter Hsu; Daniel Flühmann; Lukas Roesler

Other key lawyers:

Joel Fischer; Christian Kunz; Micha Schilling; Gadi Daniel Winter; Tiffany Ender; Faton Aliu; Stephanie Walter

Testimonials

‘For me, Bär & Karrer is clearly Switzerland’s best law firm. They have excellent attorneys and as a client, you get the best team. In the case of Bär & Karrer, clients come first – and not short-term commercial interests.’

‘Joel Fischer is a brilliant mind and an outstanding attorney with an impressive track record working on high-profile international banking engagements. His work on US enforcement matters, tax obligations, anti-financial crime, or anti-corruption cases was consistently excellent.’

‘Eric Stupp is a fantastic attorney and likely the most experienced Swiss lawyer for important banking matters. He led critical investigations in the banking sector related to tax compliance and other financial crime matters. Stephanie Walter is a very diligent and highly gifted attorney.’

‘Responsiveness is excellent, delivery of products which can be used, very good quality of work.’

‘Powerful, exceptional and outstanding partners, such as Peter Hsu, Daniel Flühmann and Eric Stupp.’

‘Baer-Karrer team is always ready to help, and they are very approachable. They are a key partner of our firm, and we owe a debt of gratitude to them for the excellent service they provide.’

‘The banking and finance team of Bär & Karrer works very professionally and at the same time provides or delivers their service very pragmatically and tailored to the specific needs of the client.’

‘Peter Hsu is a long-time partner of the team with whom we have worked for many years. He listens and is very specific about our needs. The result of his service is perfectly matched to our internal needs. Based on his professionality he is able to excellently assess the involved risks and to find the perfect solution which fits the business needs.’

Key clients

UBS Group AG

ION Asset Management

Liechtensteinische Landesbank

Orthos Advisory AG

Bitcoin Suisse AG

Orthos Advisory AG

CLARK Group

Liechtensteinische Landesbank

Credit Suisse

Tecan Group Ltd.

Rothschild Bank AG

Cembra Money Bank AG

Morgan Stanley International, London, Zurich Branch

Work highlights

  • Advising UBS on the acquisition of Credit Suisse.
  • Acting as legal advisor to Liechtensteinische Landesbank AG (LLB) in connection with the public tender offer and the subsequent cancellation procedure and as counsel for Bank Linth for the delisting procedure.
  • Assisted a Swiss asset manager in setting up the regulatory framework to comply with the requirements pursuant to the Swiss Financial Institutions Act and Swiss Financial Services Act in the context of its licensing process with FINMA.

Switzerland > Commercial, corporate and M&A Tier 1

The team of ‘seasoned experts’ at Bär & Karrer Ltd. maintains an impressively varied practice, with capabilities that include advising on listed company and private M&A, public tender offers, other corporate transactions and ESG. The team is praised for its ‘strong subject matter expertise in combination with excellent commercial acumen’.  Rolf Watter leads the practice, with wide-ranging experience in corporate governance issues. Christoph Neeracher heads the private M&A and private equity department, while Mariel Hoch bolsters the practice with her knowledge of cross-border M&A, public takeover offers and corporate relocations. Ralph Malacrida demonstrates considerable expertise in handling M&A, while Dieter Dubs principally focuses on public tender offers. Martin Anderson leads the Geneva M&A practice and Paolo Bottini helms the Lugano practice. Other key names to note are Philippe Seiler and Raphael Annasohn.

Practice head(s):

Rolf Watter; Christoph Neeracher; Mariel Hoch; Dieter Dubs; Ralph Malacrida; Martin Anderson; Paolo Bottini

Other key lawyers:

Testimonials

‘The team is capable of managing any M&A topic at lightening speed.’

‘Seasoned experts in the field of M&A and PE, with a formidable track record of successful execution.’

‘A broad and diverse team, which allows them to swiftly and professionally carry out transactions with exceptional efficiency.’

‘One of the best and most experienced teams.’

‘Strong subject matter expertise in combination with excellent commercial acumen, which is a rare combination and a must in driving forward due diligence and negotiations during complicated processes.’

‘Raphael Annasohn was an absolute pleasure to work with. He combines deep legal and technical understanding with sound judgement, commercial acumen and pragmatism. Without Raphael, it would have not been possible to progress the project at such a speed.’

‘The M&A team of Christoph Neeracher is unique in the way he has managed to build a broad group of M&A experts consisting of several partners and associates that clearly stand out in terms of their expert knowledge, high level of commitment and responsiveness.’

‘What makes this practice unique is its deep understanding of the IT industry, combined with extensive private equity transaction structuring capabilities. The lawyers are up to date on the latest trends and technologies, and they are able to provide practical and strategic advice to clients.’

Key clients

AC Immune SA

Advent International

Alibaba

Allreal Holding AG

Altana AG

Ardian

Arab Bank (Switzerland) Ltd.

Armira Beteiligungen GmbH & Co. KG

AS Equity BidCo GmbH

Astorg

BeyondBytes Ltd

Bregal Unternehmerkapital

Capvis (C.I.) Limited

Castik Capital Partners

Chubb Limited

Cognita

CVC Capital Partners

Deutsche Beteiligungs AG

Deutsche Börse AG

Deutsche Private Equity

Die Schweizerische Mobiliar

Deutsche Invest Capital Partners GmbH

Dr. Urs Spitz

EGS Beteiligungen

ELCA Informatique

EQT Partners

Equistone

Farner International AG

Firmenich

FNZ

GENUI II GmbH & Co. KG

GIMV

GRO Capital

H2 Energy AG

HARTING Group

Home Instead

IK Investment

Jacobs Holding AG

KKR

Linden Capital Partners

Lonza Group AG

Maxburg Capital Partners

Medbase

MET Holding AG

Migros-Genossenschafts-Bund

Montana Capital Partners AG

Norline

Novartis AG

Open Systems

Partners Group AG

Patrimonium

Proventis Partners AG

PWC

Quaestor Coach

SK Capital Partners

Stirling Square

Sumeru Equity Partners

Sportradar

Swarovski

Swiss Life

Swiss Re AG

TA Associates

terreActive

Triton V

UBS Group AG

Ufenau

Union Bancaire Privée, UBP SA

Valora Holding AG

Verium AG

Vifor Pharma

Vitruvian Partners LLP

Waterland Private Equity

Work highlights

  • Advising UBS on an all-share transaction for the acquisition of 100% of Credit Suisse.
  • Advising CVC and Partners Group on an agreement for Partners Group to increase its stake in leading Swiss watchmaker Breitling AG.
  • Advising Novartis on the planned spin-off of Sandoz.

Switzerland > Dispute resolution: arbitration Tier 1

Handling a range of complex and cross-border disputes, ‘constructive and positive’ Bär & Karrer Ltd.‘s arbitration capabilities encompass, among other areas, technology, sports and oil and gas related matters. Jointly steering the practice is ‘outstanding’ Nadja Jaisli Kull and Pascal Hachem, the former of whose wide-ranging expertise across pharma, banking and finance and construction disputes strengthens the practice.  Cesare Jermini leverages his domestic and international experience to advise clients on a diverse array of disputes. Aurélie Conrad Hari possesses a wealth of experience in handling complex multi-jurisdictional disputes , with Matthew Reiter enhancing the practice with his strong grounding in criminal investigations, white collar crimes, enforcement proceedings and international judicial assistance. Former practice head Pierre-Yves Gunter departed the firm in April 2023 to found Gunter Arbitration.

Practice head(s):

Nadja Jaisli Kull; Pascal Hachem

Other key lawyers:

Testimonials

‘Their capacity and skills to see the entire picture, the big scenario, either locally and internationally, while remaining very careful with the detail is impressive. They are always constructive and positive, bringing true added value to the client.’

‘Excellent team with a good command in corporate and M&A disputes.’

‘Nadja Jaisli Kull is truly outstanding and among the best of her generation.’

‘The team is capable to manage any arbitration topic at light speed.’

‘The team is noted for its accessibility and responsiveness. Further, they provide out of the box solutions and not only technical responses.’

‘The team around Nadja Jaisli Kull stands out for being hard-working, very competent, with outstanding advocacy skills. They are also sympathetic and likeable. ’

‘Short, to the point and efficient.’

Key clients

Huntsman Tekstil

Work highlights

  • Represented a Turkish subsidiary of Huntsman Corp. in an arbitration relating to an equity joint venture in Turkey. The arbitration was administered by the Swiss Arbitration Centre (former SCAI) with Turkish law applicable on the merits.

Switzerland > Dispute resolution: litigation Tier 1

Regarded as a team of ‘highly responsive strategic thinkers’, Bär & Karrer Ltd. represents clients across a broad scope of litigation, ranging from insurance and employment law litigation, to disputes involving trusts and estates and bankruptcy-related proceedings. Alongside this, the practice demonstrates considerable proficiency across financial services, healthcare, energy and sports sectors, among others. The practice is jointly led by Matthew Reiter, Aurélie Conrad Hari and Cesare Jermini. Reiter’s particular expertise lies in the remit of complex domestic and international commercial disputes, while Conrad Hari bolsters the practice with her capabilities across financial, banking and commercial disputes. Jermini’s wide-ranging experience encompasses commercial law, private international law and real estate, to name a few. Nadja Jaisli Kull is especially active in the banking and finance, pharma and transport fields, with Andreas Länzlinger possessing a wealth of experience in handling large scale internal investigations at global enterprises. Andrew Garbarski and Saverio Lembo are also key members of the practice. Claudia Götz Staehelin and Oliver M. Brupbacher both joined from Kellerhals Carrard in April 2023, adding significant life sciences capabilities to the team.

Practice head(s):

Matthew Reiter; Aurélie Conrad Hari; Cesare Jermini

Testimonials

‘Highly responsive; meticulous and efficient preparation for both client interviews and court hearings.’

‘Aurélie Conrad Hari demonstrates a high level of professionalism and mastery of her cases.’

‘A highly strategic team of litigators who immediately see the core of the issue.’

‘Highly responsive strategic thinkers.’

‘The team is capable of managing any litigation topic at light speed.’

‘Extremely professional and hard working team with an excellent attention to detail, excellent knowledge of the Swiss proceedings and legal environment and players.’

‘They give straightforward advice and they are very reassuring to have by one’s side.’

‘Saverio Lembo is an extremely efficient partner, precise, clear and reassuring. He has a razor sharp attention to the task at hand and a deep knowledge of the legal environment. He has also a deep sense of integrity.’

Key clients

Sotheby’s

UBS

Work highlights

  • Represents Sotheby’s in a significative dispute between Dimitri Rybolovlev and Yves Bouvier in connection with the creation of the art collection of the former.

Switzerland > Employment Tier 1

Bär & Karrer Ltd. has expertise in employment litigation, social security, pension due diligence and audits, mass dismissals, and HR investigations. In Zurich, Laura Widmer and Ruth Bloch-Riemer jointly lead the team, whilst Thomas Stoltz heads the Zug-based team. Widmer, who is a gender equality law expert, advises Swiss and foreign individuals and entities on dismissals, reorganisations, and compensation plans. Stoltz advises domestic and international clients on all aspects of employment and immigration law, with a special focus on group companies opening Swiss offices. Bloch-Riemer has extensive expertise in social security and pension law. Aurélie Conrad Hari and Matthew Reiter handle employment litigation.

Practice head(s):

Thomas Stoltz; Laura Widmer; Ruth Bloch-Riemer

Other key lawyers:

Aurélie Conrad Hari; Matthew Reiter; Cinzia Catelli; Sandra Schaffner; Özden Omürcan; Manuel Schmid; Luljeta Morina; Marco Weiss

Testimonials

‘Laura Widmer’ has very strong employment law-related experience.’

‘Bär & Karrer is a highly professional and very knowledgeable team. They are always supportive.’

‘They are always reacting fast in difficult, urgent cases, and provide excellent support.’

Key clients

UBS Group AG

Switzerland > Fintech Tier 1

With a client roster that includes start-ups and large technology companies, Bär & Karrer Ltd. possess demonstrable strengths across a spectrum of legal and regulatory matters. Key undertakings for the firm encompass crypto currencies, crowdfunding and technology licensing and procurement, to name a few, and the team regularly operates in the banking, insurance and finance remit. Daniel Flühmann  and Eric Stupp jointly lead the practice, with the former holding a wealth of experience in corporate and commercial matters as well as advising on the legal framework relating to blockchain technology. The latter’s capabilities include regulatory issues, enforcement proceedings and M&A. Peter Hsu is routinely engaged by foreign banks, securities dealers and insurers, while Christian Kunz strengthens the practice with his expertise in data, data protection, cybersecurity and technology law. Cyrill Diefenbacher and Gadi Winter are also recommended.

Practice head(s):

Daniel Flühmann; Eric Stupp

Other key lawyers:

Key clients

Bitcoin Suisse AG

FRUSS

Work highlights

Switzerland > Healthcare and life sciences Tier 1

The market-leading team at Bär & Karrer Ltd. advises its lucrative client base of on the full gamut of matters, including the marketing and advertising of drugs and pricing proceedings. Jointly heading the practice in Zurich, Markus Schott primarily focuses on administrative proceedings, including government supervision and public procurement mandates; Markus Wang  leads on the intellectual property (IP) side, acting for pharma and biotech clients in Swissmedic proceedings; and Philippe Seiler maintains a private equity and M&A focused practice, handling a variety of transactions and regulatory matters involving medical device and drug distribution. Basel based practice co-head Claudia Götz Staehelin is an expert in investigations, disputes, and regulatory issues, representing numerous global pharma giants, while co-head Oliver Brupbacher is noted for his ‘exceptional‘ sector knowledge, and his expertise in crisis management issues and information governance. Jannick Koller left the practice in December 2022.

Practice head(s):

Markus Schott; Markus Wang; Philippe Seiler; Claudia Götz Staehelin; Oliver Brupbacher

Other key lawyers:

Jannick Koller; Raphael Wyss

Testimonials

‘The team has a deep knowledge of pharmaceutical business. They do understand the business aspects and not just the legal issues. Their responsiveness is really remarkable. ’

‘Markus Schott has a great understanding of the legal issues of our company but also he understands in-depth our business needs. this is a combination that leads to excellent cooperation.’

‘The team covers a full range of legal issues and expertise. Very strong life science understanding.’

‘Oliver Brupbacher has exceptional knowledge of the life science sector and an extremely pragmatic and result-driven approach. He is fast, available, and partners on cases.’

‘B&K is a full service law firm with depth in many areas of relevance.’

‘The team at Bär & Karrer Ltd. are highly focused on client service and attention to detail, which when combined with their strong depth of knowledge in their respective subject matter areas, sets them apart from their competitors. In particular, the quality of service and work product provided by Oliver Brupbacher is exceptional. ’

Key clients

Novartis

Work highlights

  • Advised Firmenich on its merger with DSM, which was announced on the 31 May 2022. The new parent company will be located in Switzerland and listed on Euronext Amsterdam.
  • Advises Moderna on various legal matters in connection with its business in Switzerland and abroad, including legal and regulatory advice related to the establishment of its supply chain for its Covid-19 Vaccine, Swiss launch preparations, trade and commercial matters, as well as health care compliance and regulatory aspects and data privacy.
  • Advising Novartis in the planned spin-off of Sandoz.

Switzerland > Insurance Tier 1

Fielding a comprehensive insurance offering, Bär & Karrer Ltd. advises a consortium of clients on license applications, regulatory compliance, transactions and disputes. Peter Hsu spearheads the practice with his wide-ranging expertise advising Swiss and foreign insurers, insurance intermediaries and fintech businesses on a diverse spread of matters. Financial services expert Eric Stupp’s strengths lie in regulatory matters, enforcement proceedings and M&A. Daniel Flühmann is well versed in the remits of banking, insurance and financial market laws, while Markus Schott is well equipped to manage a variety of regulatory and administrative law matters. Tiffany Ender is also recommended.

Practice head(s):

Peter Hsu

Other key lawyers:

Eric Stupp; Daniel Flühmann; Markus Schott; Tiffany Ender

Testimonials

‘Peter Hsu does outstanding work.’

‘Highly specialised teams that work efficiently and are goal-oriented.’

Key clients

AXA

Zurich Insurance Group

Swiss Life

Swiss Re

Mobiliar

Chubb

CLARK Group

RenaissanceRe Holdings Ltd.

RenaissanceRe Europe AG

Generali

AON Schweiz AG

Credendo

CSS Versicherung AG

Work highlights

Switzerland > Leading firms: Italian-speaking Switzerland Tier 1

Bär & Karrer Ltd.‘s Lugano office is poised to assist its high calibre clients with transactions, dispute resolution, tax, and private client mandates. Paolo Bottini, who is significantly experienced in providing legal and tax advice to multinational corporations and banks as well as financial institutions, and Cesare Jermini, who notably specialises in international and domestic arbitration, spearhead the group. Other key contacts include Massimo Vanotti, who principally focuses on corporate and commercial law matters extending across a diverse array of sectors, and tax expert Matthias Bizzarro, who was promoted to partner in January 2023.

Practice head(s):

Paolo Bottini; Cesare Jermini

Other key lawyers:

Massimo Vanotti; Matthias Bizzarro

Key clients

Consulcesi Group

xFarm SA

Helsinn SA

Investindustrial Services SA

Humabs BioMed SA

Gi Group S.p.A.

Work highlights

Switzerland > Private client Tier 1

Bär & Karrer Ltd. continues to prove itself as a leading firm for private clients needing guidance on wealth and succession planning, inheritance disputes, and international tax, among other matters. Described as ‘a force of nature and one of the most eminent private client lawyers in Switzerland’, Tina Wüstemann heads the private client practice with nearly three decades of experience. Leading the team alongside her, Daniel Bader is a tax expert that regularly handles cross-border matters. Daniel Leu is a further standout member of the team, who advises on foundations and trusts, art law, and residency.

Practice head(s):

Tina Wüstemann; Daniel Bader

Other key lawyers:

Daniel Leu; Daniel Hochstrasser; Ruth Bloch-Riemer

Testimonials

‘B&K is one of Switzerland’s largest and most prestigious law firms, especially in the private client world.’

‘They are very good at what they do. They have a vast amount of experience and a large array of international cases. They absolutely have the stature and experience to take on any matter.’

‘Tina Wüstemann is a force of nature and one of the most eminent private client lawyers in Switzerland and potentially in the world. She has a huge network and knows everyone and everything. You surely want to have her in your court.’

‘Daniel Leu is a great strategic mind and a fixture in the Switzerland private client dispute resolution world. I can’t recommend him enough.’

‘Tina Wüstemann, Daniel Leu, and Daniel Bader are all highly skilled and very experienced. They are excellent lawyers.’

‘Tina Wüstemann is one of the top trusts and estates litigators in Switzerland with extensive experience in the largest and most complex international trust disputes. She has excellent judgement and strategic litigation skills. She is a delightful person to work with.’

‘Daniel Leu is an impressive trust litigator and tax planner. He is widely recognized as one of the leading international private client lawyers in Switzerland with an extraordinary cross-border practice of clients from around the world. He is a great pleasure to work with.’

‘Daniel Bader is a top private client lawyer with deep expertise in cross-border planning.’

Work highlights

Switzerland > Public law Tier 1

Bär & Karrer Ltd. advises domestic and international clients on the full spectrum of public and governmental service-related matters, with expertise in the healthcare, financial, infrastructure, and gambling industries, among others. The ‘highly qualified’ team has a particular focus on export controls relating to war materials and dual use goods. Practice head Markus Schott has extensive experience in administrative and regulatory matters, including governmental supervision, public procurement, and administrative sanctions. Vera Naegeli specialises in ESG matters, white collar crime, and compliance issues. Public institution financing expert Frédéric Bétrisey also supports the team. Raphael Wyss advises clients in the life sciences, telecommunications, and energy sectors.

Practice head(s):

Markus Schott

Testimonials

‘Highly qualified, skilled and experienced professionals, able to work on complex issues and find solutions in unprecedented situations.’

‘Markus Schott and Raphael Wyss form a very strong team.’

‘Markus Schott and Raphael Wyss can quickly familiarise themselves with complex, specific topics without losing the legally relevant overview. Very good and thoughtful legal writings. ’

‘Excellent knowledge in many different areas.’

‘Top experts in the industry.’

Key clients

Genossenschaft Migros Zürich

European Innovation Council

Novartis Pharma Schweiz AG

Canton of Geneva

Work highlights

  • Representing Migros, Switzerland’s largest consumer goods retail chain, in administrative proceedings before the Department of Economic Affairs of the Canton of Zurich regarding an appeal by Unia (one of Switzerland’s biggest trade unions) against a pilot concept for unmanned stores opened on Sundays.
  • Advised EIC Fund, an innovation fund owned by the European Commission, established to make direct investments (between EUR 500’000 and 15’000’000) in European start-up companies and SMEs, on its Investments in Six Swiss Start-Up Companies.
  • Represents ETH Zurich in court proceedings regarding the legality of certain research involving experiments with birds.

Switzerland > Real estate and construction Tier 1

Bär & Karrer Ltd. advises on all areas within real estate and construction, including on traditional real estate transactions, public and private construction law, environment law, and permits. Practice head Corrado Rampini has ‘profound market and legal knowledge of the Swiss real estate market’ with a specialisation in asset deals, capital market transactions of listed real estate companies, and the acquisition of real estate companies as well as IPOs. Daniel Bader has extensive experience in international and intercantonal real estate matters, while Daniel Leu advises private and family offices on the handling of estates, and in connection with foundations and trusts. Rocco Rigozzi focuses on real estate transactions.

Practice head(s):

Corrado Rampini

Other key lawyers:

Testimonials

‘Uncomplicated, knowledgable, capabable and very responsive.’

‘Corrado Rampini (BK) has a profound market and legal knowledge of the Swiss real estate market and is ahead of all legal issues with regards to the legal structuring of major real estate transactions.’

‘The technical expertise of Corrado Rampini and his team and his market reputation were crucial to the successful bid in a competitive transaction and gave the required comfort to the intermediaries and the counterparty. Thus his contribution was not only limited to the legal structuring/drafting of documents but he also was key to win the project.’

‘Corrado Rampini (partner) was uncomplicated, knowledgable, capabable and very responsive. Excellent dealing with counterparts and solution oriented.’

 

Key clients

Warteck Invest AG

Switzerland > Regulatory, compliance and investigations Tier 1

Operating in Bär & Karrer Ltd.‘s Geneva office, Saverio Lembo and Andrew Garbarski lead the white-collar crime group, which advises across the full spectrum of alleged business crimes. Zurich-based Eric Stupp, Joel Fischer and Andreas Länzlinger head the crisis management and internal investigations team, which demonstrates significant prowess in managing cross-border mandates. Basel-based Claudia Götz Staehelin and Oliver M. Brupbacher round out the team’s leadership, contributing their vast expertise in the life sciences and healthcare sector to the practice, having joined from Kellerhals Carrard in April 2023. Other key undertakings for the team, regarded as a ‘leader in Switzerland’, include corporate governance, compliance processes and regulatory issues, alongside a host of others.

Practice head(s):

Andreas Länzlinger; Eric Stupp; Joel Fischer; Claudia Götz Staehelin; Oliver M. Brupbacher; Saverio Lembo; Andrew M. Garbarski

Other key lawyers:

Massimo Chiasera

Testimonials

‘The firm is definitely a leader in Switzerland. They are able to attract the top young lawyers to become the best among the best and, like their seniors, become a role model. ’

‘Their availability is 24/7.’

‘Bär & Karrer is clearly Switzerland’s best law firm. They have excellent attorneys and as a client, you get the best team. In the case of Bär & Karrer, clients come first – and not short-term commercial interests.’

‘Joel Fischer is a brilliant mind and an outstanding attorney with an impressive track record working on high-profile international compliance and investigation engagements. Joel not only understands the legal side of things, but also the importance of data, technology, and accounting issues.’

‘Eric Stupp is a fantastic attorney and likely the most experienced Swiss lawyer for important banking matters.’

‘Very responsive and provided a great quality work product.’

‘Joel Fischer is an extremely talented lawyer with a comprehensive view of all aspects of a case. He is committed to providing a first class result.’

‘The team is very well equipped to provide legal assistance in complex matters that involve litigation. Their reputation is solid as well as their technical and soft skills.’

Key clients

Moderna Switzerland GmbH / Moderna, Inc.

Bitcoin Suisse AG

Work highlights

  • Appointed by the DOJ to manage a settlement of over 1.1 bn. These are the first, such major monitorships outside of the financial services sector in Switzerland and involve as such many novel and complex questions.
  • Advises Moderna on various legal matters in connection with its business in Switzerland and abroad, including legal and regulatory advice related to the establishment of its supply chain for its COVID-19 Vaccine, Swiss launch preparations, trade and commercial matters, as well as health care compliance and regulatory aspects and data privacy.

Switzerland > Sports law Tier 1

Bär & Karrer Ltd. ‘provides excellent advice’ in all sports matters from litigation, arbitration, and mediation to drafting and implementation of regulations and negotiating international contracts. Practice head Michele Bernasconi is considered a ‘leading global experts in sports law’ with extensive expertise in CAS as well as broadcasting and sponsorship agreements, international transfers of football players, and doping matters. White-collar crime specialists Saverio Lembo and Abdul Carrupt, and media experts Emanuel Cortada and Basil Kupferschmied regularly represents clients before CAS as well as the Swiss courts. Lukas Stocker left the firm in March 2023 to join as Senior Legal Counsel at Energie 360°.

Practice head(s):

Michele Bernasconi

Testimonials

‘Partner Michele Bernasconi is a fantastic sports lawyer with an exceptional knowledge and flair but also with a big legal heart.’

‘First, the quality of the work of the Bär & Karrer team is simply top. Second, they are extremely responsive and as a client you can see that they are there at your side, bringing a great added value. In addition, they have experience in all sorts of sports-related matters, and so they can always provide excellent advice.’

‘Michele Bernasconi is the Head of the Practice Group and is one of the best and most experienced sports lawyers in Europe. We had different occasions to work with him and believe that he has a unique capability to remain practical, think strategical and act efficiently. He is extremely dedicated to the needs of his clients and has a unique reputation. Finally, he is a very pleasant person to work with.’ 

‘Massimo Chiasera and Saverio Lembo are two seniors with whom I also had a very positive experience: responsive, committed, smart and a pleasure to work with. Also, Emanuel Cortada and Basil Kupferschmied work closely with Michele Bernasconi. They are both very talented young lawyers with excellent skills – simply strong.’

‘It is one of the best, if not the best legal firm in the world in the sports law industry.’

‘I would highlight the highest level of legal and practice experience of one of the partners Dr. Michele Bernasconi. He is one of the leading global experts in sports law!’

‘Excellent team, well connected and efficient.’

‘Michele is truly a lawyer of unparalleled experience and standing in the industry. They are market leaders in the sector and the quality of work is consistently high.’

Key clients

CONMEBOL

Union des Associations Européennes de Football

World Aquatics

European Aquatics

International Wushu Federation

Work highlights

Switzerland > Tax Tier 1

Bär & Karrer Ltd.‘s ‘professional, well-balanced, knowledgeable and productive teamprovides support to its clients in the French, German, and Italian-speaking areas of Switzerland. The team is co-led by Daniel Bader, who advises a range of private clients on tax-related issues, and Susanne Schreiber, who has expertise advising on domestic and international tax matters. Geneva team head Christoph Suter has a special focus on corporate taxation, and international tax planning and litigation. The team benefits from Raoul Stocker‘s aptitude in transfer pricing, Ruth Bloch-Riemer‘s knowledge of social security and pensions, and Daniel U. Lehmann‘s strength in international tax structuring. Also key are M&A tax experts Paolo Bottini and Cyrill Diefenbacher, and international corporate tax specialist Matthias Bizzarro, who made partner in January 2023.

Practice head(s):

Susanne Schreiber; Daniel Bader

Other key lawyers:

Testimonials

‘Very professional, well-balanced, knowledgeable, and productive team with an unparalleled pace and expertise leading to great quality.’

‘Kind, friendly and customer oriented, providing advice that is helpful and clearly needed.’

‘Tax is a real focus area of Bär & Karrer.’

‘Very good understanding of our industry, open discussions about technical and strategic matters of the cases, very open and pleasant communication style.’

‘Raoul Stocker has very good analytical understanding, is strong in technical and strategical matters (competence and experience in transfer pricing matters), is very uncomplicated, and has a very friendly personality.’

Key clients

UBS Group AG

Equistone

Confinale

MET Holding AG

Work highlights

Switzerland > Banking and finance: Geneva Tier 2

Bär & Karrer Ltd. advises Swiss banks and Swiss affiliates of foreign banks and other financial institutions on legal issues in contractual matters, regulatory and compliance matters, financing and derivatives projects, and complex civil, criminal and enforcement proceedings. Practice co-head Cédric Chapuis regularly advises Swiss and foreign clients on domestic and international transactions, as well as general corporate matters. Frédéric Bétrisey, who also co-heads the practice, is praised for his ‘deep knowledge and understanding of the Swiss regulatory jungle’. Martin Anderson guides clients through financing transactions while Andrew M. Garbarski handles financial and commercial litigation and Christoph Suter advises on the taxation of financial instruments.

Practice head(s):

Cédric Chapuis; Frédéric Bétrisey

Other key lawyers:

Martin Anderson; Andrew M. Garbarski; Christoph Suter; Vera Waldburger; Lionel Jeanneret

Testimonials

‘The team of Bär & Karrer are very responsive and always combine their excellent legal knowledge with a pragmatic business-focused approach.’

‘Frédéric Bétrisey is an outstanding lawyer with longstanding experience and his deep knowledge and understanding of the Swiss regulatory jungle. ’

‘The services provided by Bär & Karrer’s Finance Team in Geneva are straightforward and based on long experience in the finance market. ’

‘Frédéric Bétrisey handles the negotiations in multi-party setups well and brings valuable solutions acceptable for all parties to the table. He can explain technical aspects to clients in a straightforward manner.’

 

Key clients

Arab Bank (Switzerland) Ltd.

SAM Swiss Association of Wealth Managers

UBS

Romande Energie Holding SA

La Banque postale

Work highlights

  • Assists SAM with the drafting of new recommendations for de minimis collective asset managers.
  • Acts as legal advisor to Arab Bank (Switzerland) Ltd. on its strategic business partnership with Gonet & Cie SA.

Switzerland > Capital markets Tier 2

Spearheaded by ‘outstanding’ Rolf Watter, Ralph Malacrida, Lukas Roesler and Urs Kägi, Bär & Karrer Ltd. is sought out by clients for its expertise in the issuance of bonds and notes, as well as in relation to equity-linked and regulatory capital instruments. The team possesses vast experience in the banking, industrials, technology and healthcare fields. Frédéric Bétrisey is the key contact for capital markets in the firm’s Geneva office, whereas Paolo Bottini is the key contact in the Lugano office.

Practice head(s):

Rolf Watter; Ralph Malacrida; Lukas Roesler; Urs Kägi

Other key lawyers:

Frédéric Bétrisey; Paolo Bottini; Dieter Dubs

Testimonials

‘High-value advice, to the point and delivered quickly.’

‘Practical approach to solutions.’

‘Rolf Watter is an outstanding resource for corporate legal, Corporate Finance and governance subject matters. He is extremely responsive, quick to understand issues, quick to deliver legal support and very pragmatic in his approach. ’

‘The firm has a network and lawyers specialised in the relevant laws in all areas, both nationally and internationally.’

‘The employees are competent and quickly find a solution. Urs Kägi has been serving us for years and in many complex issues he was able to find a solution quickly, precisely and efficiently.’

Key clients

Firmenich / DSM

Lonza Group AG

Cohn Robbins Holdings Corp.

Highlight Event and Entertainment AG

Perfect Holding SA

Liechtensteinische Landesbank

Tyco Electronics Group S.A.

Interogo Holding

Syngenta Finance AG

Cavotec SA

Global InterConnection Group

Disruptive Capital Acquisition Company Ltd.

Hoffmann

Commerzbank AG

Work highlights

  • Advising Firmenich in its Merger with DSM. On 31 May 2022, DSM and Firmenich announced a cross-border merger-of-equals which unites two iconic companies into a leading creation and innovation partner in nutrition, beauty and well-being. The new parent company will be located in Switzerland and listed on Euronext Amsterdam.

Switzerland > Competition Tier 2

Recognised for its ‘superior representation in connection with Swiss matters’, Bär & Karrer Ltd. is well positioned to assist clients with dawn raids, compliance programmes and merger control filings, among other issues, across a diverse range of sectors and industries. ‘Very service-oriented’ and ‘extremely committed’ Mani Reinert spearheads the competition team, and is notably involved in a host of domestic and multijurisdictional merger control filings. Another key contact is Martin Werner, who possesses demonstrable knowledge and expertise in merger control filings and administrative proceedings before the Swiss competition authority.

Practice head(s):

Mani Reinert

Other key lawyers:

Testimonials

‘Bar & Karrer offer superior representation in connection with Swiss matters.’

‘Mani Reinhart is an excellent lawyer, very smart, dedicated, and responsive.’

‘Mani Reinert is a very service-oriented and extremely qualified lawyer. He responds quickly and to the point. The cooperation is very pleasant. ’

‘Mani Reinert and his team have a strong experience in antitrust generally and in financial services.’

‘Mani Reinert is extremely committed and involved. As a senior partner, his direct involvement in the work stands out. His knowledge is vast, very experienced.’

Key clients

UBS Group AG

Astorg

Mobiliar

Novartis

Saint-Gobain

Swiss Life

H2 Energy AG

Stellantis

Valora Holding AG

DSV A/S

Warburg Pincus

Work highlights

  • Advising UBS in its acquisition of Credit Suisse in the merger control proceeding before FINMA and the Swiss Competition Commission. Bär & Karrer represents UBS in the merger control proceeding before FINMA, the financial regulator, and the Swiss competition authority.
  • Advising Stellantis and Hon Hai in their creation of a 50-50 joint venture to design and sell semiconductors for the automotive industry from 2026. Bär & Karrer represented Stellantis and Hon Hai in relation to the notification to the Swiss competition authority.
  • Advising Advent International and Warburg Pincus in their acquisition of Baxter’s BioPharma Solutions Business. Bär & Karrer represents the parties in the merger control filing to the Swiss competition authority.

Switzerland > Data privacy and data protection Tier 2

Corrado Rampini and Christian Kunz, the latter of whom was promoted to co-head in June 2023, lead Bär & Karrer Ltd.'s data privacy practice, which is ‘characterised by absolute competence, client proximity and flexibility’. The team often operates for clients on issues relating to AI and machine learning projects, data sharing and the implementation of data protection compliance projects. Rampini is regularly engaged by clients to advise on data protection due diligence matters attached to various transactions, while Kunz’s varied expertise includes cybersecurity, outsourcings of data and data transfers. Rehana Harasgama is also recommended.

Practice head(s):

Corrado Rampini; Christian Kunz

Other key lawyers:

Jonas Bornhauser; Rehana Harasgama

Testimonials

‘Very experienced and responsive team of experts in data law around Christian Kunz. We regularly work with him on international projects. He is fun to work with!’

‘Christian Kunz is easy and fun to work with – very pragmatic, responsive and experienced. ’

‘Bär & Karrer’s team is very competent. The whole team works well together and you can see that they have a great team spirit. They work efficiently and clean, without making things confusing. What I really liked was how they focus on their clients.’

‘It is a diverse team where the different professions work seamlessly together, almost as if you were dealing with just one person.’

‘The wide range in both the professional and the communicative and finally a great patience even in moments when the client is certainly exhausting. ’

‘The Data Privacy & Protction team is top-notch in terms of skills and experience. They listen carefully to the customer before analysing the subject and creating a comprehensible solution. Their approach is highly customer specific, the related outcome always flawless. Their proven track record speaks for itself.’

‘Christian Kunz is a renowned lawyer, his expertise is second to none. His is not only an absolute and trustworthy authority on the Data Privacy & Protection bread-and-butter business, he also considers overlapping areas comprehensively. He is able to break down complex issues and illustrate the conclusions to different audiences easily.’

‘Extremely fast and a good understanding of the business model. Simple clear focus on what needs to be achieved’

Key clients

FRUSS

c.technology

Humabs BioMed SA

Varo Energy AG

Zermatt Tourism Authority/Bonfire Ltd.

European Athletics Association

Epalero GmbH

Work highlights

  • Advises FRUSS on all legal aspects relating to the Metaverse projects “Pax.world” and “Metameet”, in particular relating to technology, data and data protection laws.
  • Advises the European Athletics Association in the handling of all personal data (concerning sports activities, results, but also all other operational activities) under Swiss and EU data protection law.
  • Advises Zermatt Tourism and Bonfire Ltd. in all aspect of data protection law on the overall structuring of the processing of tourist data in connection to their major digitalization project.

Switzerland > Insolvency and corporate recovery Tier 2

Full-service law firm Bär & Karrer Ltd. draws on the specific know-how from specialists within different departments to support clients on out-of-court restructuring matters including distressed M&A, acquisition out of Swiss “Chapter 11” proceedings, handling D&O insurance, default negotiations with lenders and debtors under facility agreements, and tax-efficient structuring of restructurings. The team is headed by Christoph Neeracher, Luca Jagmetti, and Thomas Rohde. Neeracher has a strong focus on international and domestic M&A transactions, particularly in private equity and secondary buyouts, Jagmetti has special expertise in out-of-court restructurings, composition proceedings and related topics, such as mass dismissals, and Rohde has extensive expertise in corporate restructurings, creditor representation, and M&A transactions.

Practice head(s):

Christoph Neeracher; Luca Jagmetti; Thomas Rohde

Other key lawyers:

Martin Anderson; Urs Kägi; Ralph Malacrida; Susanne Schreiber; Rolf Watter

Testimonials

‘Transparency and collaborative work ethic. Giving extra attention to potential conflicts of interest and showing strong loyalty to long-standing customer relationships. Absolutely leading in their field.’

‘Luca Jagmetti’s exceptional legal acumen and deep industry knowledge sets him apart. He has consistently demonstrated a keen understanding of our business needs and has provided innovative legal solutions that align with our strategic goals. His ability to navigate complex legal issues while maintaining a client-centric approach has been invaluable.’

‘Total commitment and incredible response times. Proactive communication in critical phases of transactions and superior senior capabilities and experience.’

‘Luca Jagmetti’s advice was spot on and proved critical in successfully handling the cases. Time management was excellent.’

‘The Bär & Karrer team has been a highly effective partner in our legal matters, demonstrating strong expertise and commitment in our collaborative efforts. What stands out about this practice is the depth and breadth of their team, which has been instrumental in supporting our company. Their lawyers bring diverse backgrounds and specialisations to the table, addressing various legal aspects of our business effectively.’

Key clients

UBS Group AG

HVD Partners GmbH

Perfect Holding SA

Work highlights

  • Acting as lead adviser to UBS Group AG in the acquisition of Credit Suisse Group AG by UBS Group AG.
  • Advised HVD Partners in connection with the acquisition of Sampsistemi as part of a scheme of arrangement administered by the court of Bologna

Switzerland > Intellectual property Tier 2

Capitalising on its significant experience in the Federal Patent Court and the Federal Supreme Court, Bär & Karrer Ltd. is able to represent Novartis, Sandoz and a variety of other clients in high-stakes mandates. Operating across technology, life sciences and consumer goods industries among others, the experienced team is routinely entrusted with significant transactional work as well as specialised IP transactions. The practice is led by Markus Wang, who is especially noted for his extensive capabilities across a range of contentious and non-contentious work, and he is particularly active in the pharma, biotech and IT sector.

Practice head(s):

Markus Wang

Testimonials

‘They can identify very well with our company and know all the processes and procedures. For this reason, we see great added value for our business in Switzerland and cooperation in the international environment.’

‘The Team of Markus Wang and Markus Wang himself stand out by managing to combine expert IP knowledge with the understanding of the dynamics of M&A transactions.’

‘Markus Wang delivered highest quality advice and displayed spot-on contract drafting skills on a very fast paced and highly complex major M&A transactions.’

‘Exceptional team of transactional attorneys and IP litigators. Very responsive, client- and goal-orientated. No unnecessary legaleasing, but tailor-made business advice.’

‘Markus Wang is clearly the most brilliant thinker and smartest IP attorney in Switzerland. He has a quiet personality and thus does not like to boast his qualities. But everyone who worked with him or against him in litigation matters or contract negotiations must agree that Markus Wang is probably the toughest guy one can have on the other side of the table — always a step ahead with his brilliant thinking!’

‘Very experienced and great to work with. Key strengths are complex legal matters in intellectual property.’

‘Markus Wang is extremely experienced, very responsive and great to work with.’

Key clients

Novartis

Sandoz

Medbase

UNIVERSAL GENEVE SA

RQM

X-Technology Swiss research & development AG / X-Technology Swiss GmbH

CVC

SK Spice Sarl and Archroma IP GmbH

ELCA Group SA

Viseca Payment Services

EnerSys

Work highlights

  • Represented traditional Swiss watchmaker Universal Geneve in trademark nullity proceedings brought by Beau HLB for alleged non-use at the Federal Supreme Court with a successful result for the client.
  • Represented SK Spice Sarl and Archroma IP GmbH in proceedings against Clariant at and the Swiss Federal Supreme Court in a case relating to the grant of commercial patent and know-how licenses, with a successful result for the client.
  • Representing Swiss payment service providers and Swiss banks against technology company in a dispute concerning alleged patent infringement.

Switzerland > TMT Tier 2

Bär & Karrer Ltd.’s team advises and represents telecommunication companies, cable network providers, social media companies, and broadcasting companies on the full spectrum of TMT matters from outsourcing projects, complex software contracts, regulatory advice to media rights-related arbitration procedures or joint ventures in the IT industry. The team is co-headed by Michele Bernasconi and Christian Kunz, with Bernasconi having expertise in international litigation and arbitration as well as in commercial and transactional work relating to TMT activities, and Kunz having advised on data-driven business models and platform solutions as well as advanced technology projects, AI, digital infrastructure, and technology transactions. Markus Wang, who handles both contentious and non-contentious work in the pharmaceutical, biotech and IT sectors, and Corrado Rampini, who is an expert in Swiss and international data protection and privacy law, both support the team.

Practice head(s):

Michele Bernasconi; Christian Kunz

Other key lawyers:

Testimonials

‘The TMT team is top-notch in terms of skills and experience. They listen carefully to the customer before analyzing the subject and creating a comprehensible solution. Their approach is highly customer specific, the related outcome always flawless. Their proven track record speaks for itself.’

‘Christian Kunz is a renowned lawyer; his expertise is second to none. His is not only an absolute and trustworthy authority on the TMT bread-and-butter business, but he also considers overlapping areas comprehensively. He is able to break down complex issues and illustrate the conclusions to different audiences easily.’

 

Key clients

Zoom Voice Communications, Inc.

Union des Associations Européennes de Football (UEFA)

FRUSS

Zermatt Tourism Authority/Bonfire Ltd.

Work highlights

Switzerland > Transport Tier 3

Bär & Karrer Ltd. advises high-profile clients in the aviation, maritime, road, and rail industries. The team collaborates with real estate, infrastructure, energy, and corporate specialists from other departments. Practice head Luca Jagmetti has particular experience in complex asset transfer, logistics, and service level agreements within the transport industry. Christoph Neeracher represents clients in litigation proceedings and Philippe Seiler handles the commercial and corporate aspects.

Practice head(s):

Luca Jagmetti

Other key lawyers:

Christoph Neeracher; Philippe Seiler; Micha Schilling; Luana Stämpfli

Testimonials

‘The strengths of the people at B&K are manifold. You just notice in general – people want to solve the case for the better and don’t deceive you about the chances of success. It is also clearly communicated where the risks lie.’

‘Luca Jagmetti: an absolutely proven transport expert with enormous experience. The clear way of communication, speed, clarity about what works, what doesn’t work, what could work and a clear analysis of opportunities and risks. You never have the feeling that it can happen that “the lawyers are dragging it out because they are making money from it.”‘

‘Their deep legal knowledge in the field of logistics and transportation, their unwavering commitment and their ability to find effective solutions, all of this have been key to our business. They demonstrate a solid understanding of the legal complexities in this area and also show a genuine passion for providing exceptional service to us.’

‘We have always worked with Luca Jagmetti and Christoph Neeracher. Their ability to anticipate challenges and offer strategic advice has been invaluable. In addition to their outstanding legal experience, their professionalism and work ethic are exemplary.’

‘Luca Jagmetti and Christoph Neeracher really deserve special recognition for their exceptional contribution to our success.’

‘We are grateful to work with them and look forward to continuing to collaborate with them in the future.’

 

Key clients

Ina Kess AG

CEBS AG (Kooky)

Ina Kess

CIMO Compagnie Industrielle de Monthey SA

Work highlights

  • Advising Ina Kess AG, a Swiss luxury clothing brand, in the negotiations of an international logistics framework contract with a Dutch hauler and warehouse service provider.
Photo Name Position Profile
Faton Aliu photo Faton Aliu Faton Aliu’s practice focuses on complex cross-border (bilateral and syndicated) financing transactions,…
Martin Anderson photo Mr Martin Anderson Martin Anderson’s practice focuses on domestic and international M&A transactions (acquisitions and…
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Daniel Bader photo Mr Daniel Bader Daniel Bader provides national and international tax, social security and legal advice…
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Michele Bernasconi photo Mr Michele Bernasconi Michele Bernasconi advises on a broad range of sports, media, energy, telecom…
Frédéric Bétrisey  photo Frédéric Bétrisey Frédéric Bétrisey has a long standing practice in banking and finance. He…
Matthias Bizzarro photo Mr Matthias Bizzarro Matthias Bizzarro is a certified tax expert and a lecturer in tax…
Ruth Bloch-Riemer photo Dr Ruth Bloch-Riemer Ruth Bloch-Riemer’s practice focuses on domestic and international tax law. She regularly…
Jonas Bornhauser photo Dr Jonas Bornhauser Jonas Bornhauser mainly advises clients on information technology law and data protection…
Paolo Bottini photo Paolo Bottini Paolo Bottini has broad experience in advising large multinational corporations on tax…
Urs Brügger photo Mr Urs Brügger Urs Brügger’s main areas of practice are financial market regulations including governance…
Oliver M. Brupbacher photo Dr Oliver M. Brupbacher Oliver Brupbacher advises and represents national and multinational clients, in particular from…
Cinzia Catelli photo Ms Cinzia Catelli Cinzia Catelli’s preferred area of practice focuses on domestic and international arbitration and…
Cédric Chapuis  photo Cédric Chapuis Cédric Chapuis heads Bär & Karrer’s financial services team in our Geneva…
Massimo Chiasera photo Mr Massimo Chiasera Massimo Chiasera’s practice focuses on white-collar crime, internal investigations, domestic and cross-border…
Aurélie Conrad Hari  photo Aurélie Conrad Hari Aurélie Conrad Hari leads the civil litigation practice of Bär & Karrer…
Cyrill Diefenbacher photo Cyrill Diefenbacher Cyrill Diefenbacher has broad experience in national and international corporate tax matters. He…
Dieter Dubs photo Dr Dieter Dubs Dieter Dubs has broad experience in M&A transactions with a focus on…
Joel Fischer photo Dr Joel Fischer Joel Fischer’s practice focuses on banking and finance, internal investigations and white-collar…
Daniel Flühmann photo Dr Daniel Flühmann Daniel Flühmann’s practice focuses on banking, insurance and financial market laws as…
Andrew Garbarski photo Prof Dr Andrew Garbarski Andrew M. Garbarski specializes in white collar crime, administrative criminal law, international…
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Pascal Hachem photo Dr Pascal Hachem Pascal Hachem’s practice focuses on contentious and non-contentious commercial matters as well…
Rehana Harasgama photo Dr Rehana Harasgama With over ten years of experience, Rehana Harasgama is an expert in…
Mariel Hoch photo Dr Mariel Hoch Mariel Hoch is one of Bär & Karrer’s leading M&A partners and…
Peter Hsu photo Dr Peter Hsu Peter Hsu is Bär & Karrer’s key contact for the practice area…
Dominik Infanger photo Dr Dominik Infanger Dominik Infanger has specialized in construction and real estate law. In this…
Luca Jagmetti photo Dr Luca Jagmetti Luca Jagmetti has specialized in national and international private M&A transactions in…
Nadja Jaisli Kull photo Mrs Nadja Jaisli Kull Nadja Jaisli co-heads Bär & Karrer’s arbitration practice and and specializes in…
Cesare Jermini photo Dr Cesare Jermini Cesare Jermini has extensive experience in court litigation as well as international…
Urs Kägi photo Dr Urs Kägi Urs Kägi advises listed and non-listed companies on a broad range of…
Christian Kunz photo Dr Christian Kunz Dr. Christian Kunz is an expert in the field of data, data…
Andreas D Länzlinger  photo Dr Andreas D Länzlinger Andreas D. Länzlinger heads Bär & Karrer’s Internal Investigations Practice Group and…
Daniel U. Lehmann photo Dr Daniel U. Lehmann Daniel U. Lehmann has broad experience in Corporate taxation, in particular M&A,…
Saverio Lembo photo Mr Saverio Lembo Saverio Lembo heads Bär & Karrer’s White Collar Crime practice group. He…
Daniel Leu photo Dr Daniel Leu Daniel Leu advises private clients and family offices on wealth and succession…
Ralph Malacrida photo Dr Ralph Malacrida Ralph Malacrida specializes in M&A and corporate finance transactions, including venture capital…
Vera Naegeli photo Vera Naegeli Vera Naegeli is experienced in international and domestic M&A transactions and in…
Christoph Neeracher photo Dr Christoph Neeracher Christoph Neeracher specializes in international and domestic M&A transactions (focusing on private…
Corrado Rampini photo Dr Corrado Rampini Corrado Rampini heads the real estate department of Bär & Karrer. He…
Mani Reinert photo Dr Mani Reinert Mani Reinert’s practice covers all aspects of antitrust law in a wide…
Matthew T Reiter photo Mr Matthew T Reiter Matthew Reiter heads Bär & Karrer’s litigation practice. He specializes in litigation…
Rocco Rigozzi photo Rocco Rigozzi Rocco Rigozzi’s practice focuses on real estate, M&A and corporate law. He…
Lukas Roesler photo Mr Lukas Roesler Lukas Roesler is a banking and finance practitioner. He specialises in advising…
Thomas Rohde photo Mr Thomas Rohde Co-heading Bär & Karrer’s reorganization and insolvency practice, Thomas Rohde focuses on…
Markus Schott photo Prof Dr Markus Schott Markus Schott has broad experience in all kinds of regulatory and administrative…
Susanne Schreiber photo Ms Susanne Schreiber Susanne Schreiber is a partner at Bär & Karrer AG and co-heads…
Philippe Seiler photo Dr Philippe Seiler Philippe Seiler has broad experience in international and domestic private M&A transactions…
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Stephanie Walter photo Dr Stephanie Walter Stephanie Walter’s practice focuses on banking, insurance and financial market laws as…
Markus Wang photo Dr Markus Wang Markus Wang heads the intellectual property team and co-heads the life sciences…
Rolf Watter photo Prof Dr Rolf Watter Rolf Watter has broad experience in all types of M&A transactions, including…
Martin P. Werner photo Martin P. Werner Martin P. Werner graduated in law with specialization in business law from…
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New Provisions regarding Financial Distress

On 1 January 2023, the long-awaited reform of Swiss corporate law entered into force. Amongst various changes this reform also introduced some new regulations regarding the duties of the board of directors when a company is in financial distress. While some of these new regulations bring clarification to long disputed questions, others introduce new obligations which seem rather impractical and it has yet to be seen, whether they will overall support corporate restructurings or not. This short article tries to briefly highlight significant changes and potential points of uncertainty regarding such new regulations.

It is important noting that there is no group perspective in Swiss insolvency law. The board of directors of a company therefore needs to safeguard the interests of its respective legal entity (and its creditors) only and may not take decisions in the benefit of “greater good” of the group. Existing intra-group relationships and dependencies must in financial distress be scrutinized and treated as if they were regular third-party relationships. This applies in particular to up-/cross-stream loans and payments such as in cash pools.

 

Emphasis on Liquidity

Already under the previous law, if the board could not reasonably expect the continuation of the company’s business activities during the next 12 months (the company thus not being a going concern anymore), typically due to a lack of liquidity, financial accounting had to switch to – usually substantially lower – liquidation values (art. 958a II Swiss Code of Obligations (CO)), and the board of directors in principle had to file for bankruptcy if the interim balance sheet applying liquidation values showed an over-indebtedness. Lack of liquidity is thus one of the main reasons for corporate bankruptcies in Switzerland.

The reform takes this into account by introducing a new art. 725 CO, according to which the board must supervise the liquidity of the company and, if there is a threat of illiquidity, take appropriate measures. Though such duties are not new, as they could so far already be derived from the board’s general duty of care, they are now explicitly set forth in the law, and remind boards of the paramount importance of liquidity. While there is no legal definition of illiquidity under Swiss law, temporary failure to meet payment deadlines is not regarded as illiquidity. Whether illiquidity, or rather a threat of illiquidity, exists should rather be measured based on the company’s expected ability to pay its debts during the next twelve months (and thus its expected access to sufficient liquidity to do so). A threat of illiquidity and the consequently necessary appropriate measures should anyhow not be regarded as clear cut criteria but rather as a spectrum where with increasing indicators of liquidity problems, the board should gradually resolve on more and more drastic measures. Such measures can range from the liquidation of unnecessary assets and operative measures such as terminations of employment contracts, which are within the boards’ responsibility, to measures affecting the company’s share capital (e.g., capital increase), which require a shareholders’ meeting. Despite the fact that the obligation to draw up a liquidity plan as provided for in the draft bill was finally not included in the new law, such plan (which may be more or less granular) is in most cases not only helpful but simply required in order for the board to be able to assess the expected development of the company’s liquidity situation and take the appropriate measures in time.

As a rather concerning point, with the new art. 725 CO, also a provision was introduced that “the board files for composition proceedings if required”. Legal doctrine is rightfully of the view that this provision does not introduce an additional obligation of the board to file for composition proceedings in case of threatened or existing liquidity problems. As the exact interpretation of this provision by the courts is not yet certain, however, we recommend that in potential distress situations the board seeks legal advice at an early stage. Particularly also, since the new law (in case of a threat of illiquidity as well as capital loss or over-indebtedness) expects the board to take action “with the required urgency”. This term is not defined as well and therefore some scholars consider this provision superfluent, but the board should make sure that there is proof of the board’s quick response later, for example by holding board meetings more often and have them properly documented.

 

New Regulations and Clarifications regarding Capital Loss

Already under the previous law, if a company‘s annual balance sheet showed that the company’s net assets no longer covered half of (i) its nominal share capital and (ii) the statutory capital reserve and statutory profit reserve (a so-called “capital loss”), then this triggered additional obligations for the board. The new law clarifies that for calculating the relevant statutory capital reserve and statutory profit reserve only the blocked part of such reserves (i.e. the part not freely distributable) counts in the calculation and not their entire amount. As no more than reserves in the amount of 50% of the nominal share capital are blocked (or 20% for holding companies), this means that a capital loss may only exist if the net assets fall below 75% of the nominal share capital (or 60% of the nominal share capital for holding companies). This is a welcome clarification, as this question was debated under the old law.

In case of a capital loss, the old law obligated the board to immediately call a shareholders’ meeting to resolve on restructuring measures. Under the new art. 725a CO the board is now obligated to implement restructuring measures itself and propose further measures to the shareholders’ meeting only if necessary. This means that the focus to react to a capital loss lies more with the board and may also spare a struggling company the extra expense to call a shareholders’ meeting, which is a welcome change.

Additionally, a company facing a capital loss must newly have its financial statements reviewed (limited audit) by an external auditor even if it otherwise validly opted out from an audit. While this new duty is meant to ensure that the board does not depict the financial situation of the company in its financial statements better than it actually is, it is questionable, whether this new requirement will have much influence on the restructuring of the company (apart from triggering additional costs).

As mentioned above, as in case of threatened illiquidity, also in case of a capital loss, the board has to act with the required urgency. Interpretations vary from a duty to take action within a few weeks up to one quarter. In our view, the appropriate timing needs to be assessed individually based on the intensity of the capital loss and the complexity of the intended measures.

 

New Rules regarding Suspected Over-indebtedness

As under the previous law, if the board has, at any time, a justified concern that the liabilities of the company are no longer covered by its assets (so-called “over-indebtedness”), it must prepare interim accounts at both going concern and liquidation values and have them audited by its auditor.

The new law now explicitly states that if the board reasonably expects the business to be continued (i.e., if the going concern assumption still applies) and the balance sheet at going concern value does not show an over-indebtedness, the interim accounts at liquidation value can be omitted. If on the other hand the going concern assumption does not apply anymore, the interim accounts at going concern value can be omitted (and are no longer decisive). The courts’ practices vary whether they request an audit of the interim accounts even if an over-indebtedness is very obvious and the board files for bankruptcy.

If the interim accounts show an over-indebtedness, the board must file for bankruptcy or for composition proceedings (similar to chapter 11 in the US) (art. 725b III CO), unless creditors subordinate their claims in an amount sufficient to cover the over-indebtedness (art. 725b IV 1 CO). Such subordinations need to be open-ended and also include a prohibition for the creditor to set-off the subordinated claim.

Under previous case law, in case of over-indebtedness the board could delay a bankruptcy filing during a grace period if it promptly implemented restructuring measures and there was a realistic prospect of financial recovery. The duration of such grace period was much debated but often 4-6 weeks were indicated. The revision codified the concept of a grace period, stating that the board may delay a bankruptcy filing if there is realistic prospect that the over-indebtedness is cured within 90 days from the date the interim financial statements are available and if the creditors’ claims are not additionally jeopardized (art. 725b IV 2 CO). While the duration of the grace period has been arguably extended, the new law rather narrows room for manoeuvre as the over-indebtedness must actually be cured within the grace period (i.e., a delay is not permitted if the effect of the implemented measures unfolds later than 90 days) and does not allow for any extension of the grace period. Due to the uncertainty of the assessment of realistic prospect in hindsight, it might under the circumstances be preferable to file for composition proceedings when facing an over-indebtedness.

On a positive note, the new art. 634a CO clarifies that a debt- equity swap is permitted even in situations where the company is over-indebted – which was disputed by some scholars under the old law.

 

Conclusion

The provisions regarding financial distress of the revised Swiss corporate law bring some welcome clarifications but raise new questions and concerns at the same time. While the new focus on liquidity makes sense and the supported restructuring by means of debt-equity-swap are welcome, the lack of safe harbour rules in case of financial distress causes uncertainty and thus bears the danger of resources of already struggling companies being allocated ineffectively. Major clarifications by case law may take ample time. Meanwhile, the already mentioned composition proceedings may thus sometimes be the preferred solution.

 

Thomas Rohde

 

Luca Jagmetti

 

Christoph Neeracher

Bär & Karrer Advises a FINMA-accredited Fund Management Company Within the Sale of Three Tenement Residential Properties in Zurich Oerlikon

Bär & Karrer acted as legal advisor to a FINMA-accredited fund management company within the sale of three tenement residential properties in Zurich-Oerlikon to a professional investor,

Bär & Karrer Advises Axpo on its EUR 7 Billion Sustainability Linked Credit Facilities

Axpo Holding AG has entered into a committed EUR 7.0 billion sustainability linked credit facilities agreement with a broad international consortium of banks.

Bär & Karrer Advised the Farner Group on the Expansion of its Agency Alliance “Team Farner” with Lansons

The Farner group, a portfolio company of Waterland Private Equity, partnered with Lansons Communications Holdings Limited to expand its consultancy alliance "Team Farner".

Bär & Karrer Advised Wüest Partner on the Purchase of a Majority Stake in Signa-Terre and the Acquisition of Khephren

Wüest Partner AG acquired a majority stake in Signa-Terre Ltd. and 100% of Khephren Ltd. Founded in 2008 in Geneva, Signa-Terre has successfully established itself in the fields of collecting and processing energy consumption data from real estate properties and in the planning of renovation cycles.

Bär & Karrer Advises the Founders of Erop Generation in a New Strategic Partnership with Fidinam Group Holding and Swiss Finance & Property Group

Fidinam Group Holding SA and Swiss Finance & Property Group AG (SFP) have acquired minority stakes and entered into a strategic partnership in relation to Erop Generation AG, a new real estate group founded in May 2023 by Andrea Blotti and Manuel Sassella.

Bär & Karrer Advises Novartis and Sandoz on the Spin-off of Sandoz

Today, Novartis AG completed the spin-off of the Sandoz generics and biosimilars business, and Sandoz Group AG debuted as independent publicly traded company.

Bär & Karrer Advised Nord Holding on the Acquisition of Suter Group

Heizkurier Group, a portfolio company of Nord Holding, has acquired Suter Group. Suter Group is a supplier of mobile pellet heating and dehumidification solutions.

Bär & Karrer Advised Customs Support on the Acquisition of Zollimpex

Customs Support, a portfolio company of Castik, has acquired Zollimpex AG, a customs agency seated in Pratteln (Basel-Landschaft).

Bär & Karrer Advises the Founders of Erop Generation in a New Strategic Partnership with Fidinam Group Holding and Swiss Finance & Property Group

Fidinam Group Holding SA and Swiss Finance & Property Group AG (SFP) have acquired minority stakes and entered into a strategic partnership in relation to Erop Generation AG,

Vontobel Places New USD 400 Million AT1 Bonds

Vontobel has successfully placed new Additional Tier 1 bonds (AT1 bonds) with a nominal value of USD 400 million in two tranches of USD 200 million and a denomination of USD 200,000 each with funds managed by Apollo Global Management.

Bär & Karrer Advised Energy Infrastructure Partners on the Joint Venture with Electra

Energy Infrastructure Partners has signed an agreement to partner with Electra SAS, the first French pure player in the electric vehicle infrastructure industry.

Bär & Karrer Advised the Romer Family on the Sale of Romer’s Hausbäckerei

IDAK Food Group has acquired the majority stake in the family business Romer’s Hausbäckerei. Romer’s Hausbäckerei, headquartered in Benken,

Bär & Karrer Advises TE Connectivity on Public Tender Offer for Schaffner

On 16 August 2023, Tyco Electronics (Schweiz) Holding II GmbH, an indirect wholly owned subsidiary of TE Connectivity Ltd., Schaffhausen, Switzerland, and Schaffner Holding AG, Luterbach, Switzerland,

Bär & Karrer Advised Starlab Group on the Acquisition of Life Systems Design

Starlab International GmbH, a subsidiary of Eppendorf SE, acquired all shares in Life Systems Design AG. Life Systems Design sells high quality consumables and instruments for life science research.

Bär & Karrer Advised Engie New Ventures, Montrose Environmental Group and the European Innovation Council (EIC) Fund on their Investment in TreaTech

Engie New Ventures, Montrose Environmental Group, and the European Innovation Council (EIC) Fund have invested in TreaTech,

Bär & Karrer Advises ALTANA on the Acquisition of a Majority Stake and the Public Tender Offer of Von Roll

On 11 August 2023, ELANTAS LLC, a subsidiary of the specialty chemicals group ALTANA Ltd.,

Bär & Karrer Advised the Seller on the Sale of UIKER Antriebstechnik

The Gebrüder Meier Holding AG has acquired the UIKER Antriebstechnik AG, one of the largest technical trading companies in Switzerland, specialized in the production, trade and sale of machine components.

Bär & Karrer Advised Wüest Partner on the Expansion of its Group with QualiCasa

Wüest Partner AG, a leading service provider in the real estate industry, acquired 100% of QualiCasa AG's shares. 

Bär & Karrer Advises Global InterConnection Group in SPAC Transaction

Disruptive Capital Acquisition Company Limited, a special purpose acquisition company (SPAC) listed on the Euronext Amsterdam Exchange,

Bär & Karrer Advised the Sellers on the Sale of a Majority Stake in terreActive to Post

The shareholders of terreActive and Post entered into and consummated a share purchase agreement regarding the sale of a majority stake in terreActive.

Bär & Karrer Advises GRO on its Investment in Akselos

GRO, a leading Northern European private equity firm with an exclusive focus on high-quality B2B software companies with strong growth prospects,

Bär & Karrer Advises RenaissanceRe on the Acquisition of AIG’s Treaty Reinsurance Business

On 22 May 2023, RenaissanceRe Holdings Ltd. entered into an agreement with American International Group Inc. to acquire the treaty reinsurance business of American International Group Inc. for USD 2.985 billion.

UBS Completes Acquisition of Credit Suisse

On 19 March 2023, following discussions initiated jointly by the Swiss Federal Department of Finance,

Bär & Karrer Advises the Sihl Group on the Acquisition of Trichord

Perigon GmbH, a Sihl Group entity, has entered into a purchase agreement regarding the acquisition of the shares of Trichord Ltd. from its shareholders.

Bär & Karrer Advised Union Bancaire Privée on its Acquisition of Angel Japan Asset Management

Union Bancaire Privée, UBP SA (UBP) has acquired all the shares of Angel Japan Asset Management Limited (Angel Japan) from its founder.

Bär & Karrer Advised the Farner Group on the Expansion of its Agency Alliance “Team Farner” with GFD

The Farner group, a portfolio company of Waterland Private Equity, partnered withGFD Gesellschaft für Finanzkommunikation mbH to expand its agency alliance"Team Farner".

Bär & Karrer Wins Three Awards at the Legalcommunity Awards Switzerland 2023

On 4 May 2023, Bär & Karrer was awarded "Law Firm of the Year" in the categories Banking & Finance as well as Healthcare & Life Sciences at the Legalcommunity Awards Switzerland 2023. In addition, Corrado Rampini won the award for "Lawyer of the Year – Real Estate".

Bär & Karrer Advised the Farner Group on the Expansion of its Agency Alliance “Team Farner” with The Skills Group

The Farner group, a portfolio company of Waterland Private Equity, partnered with The Skills Group to expand its agency alliance "Team Farner". The Vienna-based The Skills Group including its subsidiaries datenwerk and All Channels Communication Austria is a full-service PR agency with a focus on strategic consulting and positioning as well as public relations and crisis communications.

Claudia Götz Staehelin and Oliver M. Brupbacher Join Bär & Karrer

Bär & Karrer is pleased to announce that Dr. Claudia Götz Staehelin and Dr. Oliver M. Brupbacher will join the firm as Partners. Claudia and Oliver will substantially reinforce the capabilities in our Basel Office and of Bär & Karrer at large. We are convinced that we will be able to significantly increase our footprint in both the Internal Investigation field and in a key industry, the Life Sciences and Healthcare sector. Associates Djamila Batache and Marlen Schultze will be joining the firm alongside them.

Bär & Karrer Advised the Farner Group on the Expansion of its Agency Alliance “Team Farner” with SEMSEA

The Farner group, a portfolio company of Waterland Private Equity, partnered with SEMSEA to expand its agency alliance "Team Farner". The Zurich-based SEMSEA Suchmaschinenmarketing AG specializes in online and search engine marketing.

UBS to Acquire Credit Suisse

Following discussions initiated jointly by the Swiss Federal Department of Finance, the Swiss Financial Market Supervisory Authority FINMA and the Swiss National Bank, UBS has entered into an all-share transaction for the acquisition of 100% of Credit Suisse. Under the terms of such transaction, Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares. The combination will further strengthen UBS's position as the leading Swiss-based global wealth manager (with more than CHF 3.1 trillion of assets under management) and reinforce its standing as the leading universal bank in Switzerland. In order to facilitate a timely implementation of the transaction, the Swiss Federal Council has decided that it would not be subject to shareholder approval by enacting an emergency ordinance to that effect. 

Bär & Karrer Advised CIMO in the Negotiations with the Swiss Confederation regarding the Use of a Reserve Power Plant

CIMO Compagnie industrielle de Monthey SA entered into an agreement with the Swiss Confederation, under which the latter may use the thermic power plant Thermatel in Monthey as strategic backup source in case of electricity shortfalls. The power plant is already available in winter 2022/23 and currently provides approx. 40 MW of power. After a planned overhaul, the plant is expected to provide approx. 50 MW of power.

Bär & Karrer Advised the Eastman Group on the Acquisition of Willson

The Eastman Group, an internationally operating manufacturer of musical instruments, acquired the music manufacturing business from WILLSON Band Instruments Switzerland AG.  Willson is a Swiss manufacturer of handmade, high-quality musical instruments.

Bär & Karrer Advises Horn & Company on the Acquisition of GEM Consulting

Horn & Company, a portfolio company of Waterland Private Equity, has entered into a quota purchase agreement in order to acquire GEM Consulting GmbH from its founders. This transaction enables Horn & Company – in cooperation with the founders – to expand and strengthen its management consulting services in the banking and insurance sector in Switzerland as well as in Germany and Austria. The transaction will be completed in the upcoming weeks.

Bär & Karrer Advises Clayton, Dubilier & Rice on USD 7 Billion Take-Private Acquisition of Focus Financial Partners.

Clayton, Dubilier & Rice ("CD&R"), Stone Point Capital LLC and Focus Financial Partners Inc. (NASDAQ:FOCS) ("Focus"), a leading partnership of independent, fiduciary wealth management firms, announced on 27 February 2023 that Focus and CD&R have entered into a definitive agreement for Focus to be acquired by affiliates of CD&R in an all-cash transaction valued at an enterprise value of over USD 7 billion. The transaction is expected to close in the third quarter of 2023. Focus will cease to be a publicly traded company upon consummation of the transaction. Closing of the transaction is subject to regulatory approvals.

Bär & Karrer Advised Cavotec on its Directed Share Issue

Cavotec SA successfully placed 12,452,830 shares at a subscription price of SEK 13.25 per share, entailing raising proceeds of approximately SEK 165 million. The subscription price was determined through an accelerated book building process. The proceeds of the placement will be used to increase financial flexibility to sup-port the company to execute on its strong order book, growth plans and in addi-tion strengthen the Company’s financial position by reducing net debt. Skandina-viska Enskilda Banken AB acted as the sole bookrunner. The capital increase is subject to approval by an extraordinary general meeting of Cavotec. 

Bär & Karrer Advised the Farner Group on the Expansion of its Agency Alliance “Team Farner” with Affective Advisory

The Farner group, a portfolio company of Waterland Private Equity, partnered with Affective Advisory to expand its agency alliance "Team Farner". Affective Advisory is a leading behavioural science consultancy, applying the latest insights from behavioural economics, social psychology and decision science.

Bär & Karrer Advises the Sellers on the Sale of a Majority Stake in Norline Group

The shareholders of Norline AG have entered into a share purchase agreement regarding the sale of the majority in Norline Group to Argos Wityu, an independent European private equity firm. Norline is the largest provider of outsourcing services in the heating, ventilation, air conditioning and plumbing (HVAC) sector in Switzerland. The transaction will be completed in the upcoming weeks.

Bär & Karrer Advised RQM+ on the Acquisition of Giotto Compliance

RQM+, the world's leading MedTech service provider, announced the acquisition of Giotto Compliance from Giotto.ai. Giotto Compliance is a global, all-in-one artificial intelligence (AI) platform designed to increase the efficiency and effectiveness of regulatory reports and filings across the product development lifecycle for medical device and in vitro diagnostics manufacturers.

Bär & Karrer Advised the Farner Group on the Expansion of its Agency Alliance “Team Farner” with komm.passion and Kirchhoff Consult

The Farner group, a portfolio company of Waterland Private Equity, partnered with the German agencies komm.passion and Kirchhoff Consult to expand its agency alliance "Team Farner". The komm.passion specializes in the interface between creative agency and management consultancy. The Hamburg-based Kirchhoff Consult offers financial and corporate communications services with a focus on capital markets, reporting, investor/public relations, IPO advisory and sustainability.

Bär & Karrer Advised Medbase and Migros Group on the Acquisition of Zur Rose

Bär & Karrer advised Medbase (a group company of Migros) on the acquisition of the Swiss business of Zur Rose Group AG. Zur Rose is a leader in online pharmacy and pharma distribution.

Bär & Karrer Advised Mister Loo in Financing Round

The Swiss headquartered start-up Mister Loo has completed its Series A financing round over five million USD through the investors Silverhorn SPC Ltd and responsibility Investments AG. The company offers digital public sanitary and healthcare solutions and has facilities in 70 areas of Thailand, Indonesia and Vietnam, preparing to expand into further regions in Asia.

Pascal Hachem New Co-Head of Bär & Karrer’s Arbitration Practice

We are pleased to announce that Pascal Hachem has been appointed as the new Co-Head of Bär & Karrer's Arbitration practice, taking over from Pierre-Yves Gunter. Pascal will co-lead the division alongside Nadja Jaisli.

Bär & Karrer Advised the Founders of Revendo in Connection with the Investment by the Migros-Group

Migros-Group invests in the Swiss start-up Revendo, the Swiss market leader in the field of upcycling electronic devices.


Bär & Karrer Advised the Farner Group on the Expansion of its Agency Alliance “Team Farner” with the BlueGlass Group

The Farner group, a portfolio company of Waterland Private Equity, partnered with the BlueGlass group to expand its agency alliance "Team Farner". The Zurich-based BlueGlass group specializes in the fields of digital strategy consulting, search engine optimization, digital campaigns as well as content marketing.

Bär & Karrer Advised the Seller on the Sale of Plastic Surgery Group

The owner of Plastic Surgery Group sold the company to Affidea Cancer Treatment Centres. Affidea is Europe's leading provider of advanced diagnostic imaging, cancer therapies and outpatient services.

Bär & Karrer Advised the Helsinn Group on its Financing Agreement with Oberland Capital Management

Bär & Karrer advised the Helsinn Group on its financing agreement with Oberland Capital Management LLC. The Helsinn Group is a fully integrated, global biopharma group with a track record of over 40 years of commercial execution and a strong focus in oncology and rare diseases.

Bär & Karrer Advised the Farner Group on the Expansion of its Agency Alliance “Team Farner” with Jim&Jim

The Farner group, a portfolio company of Waterland Private Equity, partnered with Jim&Jim to expand its agency alliance "Team Farner". Jim&Jim specializes in NextGen marketing, the development of strategic marketing concepts and campaigns, and the positioning of brands and products in the "Hyperconnected Generation".

Bär & Karrer Advised the Farner Group on the Expansion of its Agency Alliance “Team Farner” with the VIM and Kobza Media Group

The Farner group, a portfolio company of Waterland Private Equity, partnered with the VIM Group and the Kobza Media Group to expand its agency alliance "Team Farner". The Dutch-based VIM Group is a market leader in topics such as brand change and improving brand performance. The Vienna-based Kobza Media Group operates in the fields of strategy, branding, advertising, design, digital, PR content, video production and platforms.


Bär & Karrer Advised ELCA Cloud Services on its Merger with EveryWare

ELCA Cloud Services SA, a fully-owned subsidiary of the ELCA Group, founded in 2020 to become one of the leading providers of Cloud computing services in Switzerland, has concluded a merger with EveryWare AG, a B2B cloud, data center and network infrastructures provider in German-speaking Switzerland. ELCA Cloud Services and EveryWare are joining forces to create one of the leading independent Swiss Cloud and IT service providers for private and public companies in Switzerland. The two business entities will continue to be independent and led by their current management and keep all of their employees in their respective teams.


Bär & Karrer Advised Deutsche Invest Capital Solutions on its Investment in GLOBOGATE concept

Bär & Karrer advised Deutsche Invest Capital Solutions on its investment in GLOBOGATE concept AG, a pioneer and leader in the market for recruitment and placement of nursing professionals.


Bär & Karrer Advised Investindustrial on its Investment in Medical Technology and Devices Group

Investindustrial – a leading European group in the field of private equity has signed an agreement through one of its investment vehicles for the entry of QuattroR SGR into the capital of MTD - Medical Technology and Devices Group, an international group active in the design and manufacture of medical devices for home and professional care. Investindustrial and QuattroR will support MTD in expanding its product offerings and strengthening its presence in Europe and strategic markets in the United States.

Bär & Karrer advised BeyondBytes Invest on the Acquisition of Moobility Telecom International Holding

BeyondBytes Invest Ltd acquired Moobility Telecom International Holding Ltd, which is engaged in the provision of mobile telecommunications services as an international virtual mobile network operator.

100% Takeover of Bank Linth LLB by Liechtensteinische Landesbank completed

After the settlement of the public tender offer by Liechtensteinische Landesbank Aktiengesellschaft, for all publicly held registered shares of Bank Linth LLB AG, Liechtensteinische Landesbank on 24 May 2022 filed, based on art. 137 FMIA, a claim for the cancellation of all Bank Linth shares remaining in public with the competent commercial court of the Canton of St. Gallen. With judgment dated 9 December 2022, the commercial court of the Canton of St. Gallen declared all Bank Linth shares remaining in public cancelled and the judgment came into legal force on 15 December 2022.

Bär & Karrer Advises Duck Creek Technologies on the Acquisition of Imburse

Duck Creek Technologies (Boston, USA) has entered into a share purchase agreement regarding the acquisition of the shares of Imburse AG from its founders and investors. Imburse is a Swiss based developer and provider of a modern payments platform for the insurance industry.

Bär & Karrer Advised GI Group Holding on its Acquisition of Eupro Holding

Bär & Karrer advised Gi Group Holding, specialized in global staffing and recruitment through an HR ecosystem based in Milan (Italy), on the acquisition of Eupro Holding AG, a Swiss-based human resources and recruitment company, and its subsidiaries.

Bär & Karrer Advised Interogo Holding on Pre-IPO Investment in ABB E-Mobility

The long-term equity strategy fund of Interogo Holding is a foundation-owned international investment group based in Switzerland. Bär & Karrer advised the fund in connection with an investment related to the CHF 200 million pre-IPO placements of ABB E-Mobility. ABB E-Mobility is a global leader in electric vehicle (EV) charging solutions.

Bär & Karrer Advises Lagardère on the Acquisition of Marché International

Lagardère acquires Marché International AG, a global multi-concept operator in the catering industry. The transaction is subject to regulatory approvals.

Bär & Karrer Extends its Leadership with new Partners and Counsel

Bär & Karrer is pleased to announce the election of Matthias Bizzarro and Massimo Chiasera to the firm's partnership and Martina Athanas as counsel, effective as of 1 January 2023. With these appointments, the practice areas litigation, internal investigations, tax, private clients and white collar crime will be strengthened and benefit from the deep know-how and excellent reputation of these three lawyers.

Bär & Karrer Advised MET Group on the Entering into a Joint Venture with Keppel Infrastructure to Pursue Western European Renewable Energy Opportunities

On 16 November 2022, MET Holding AG (MET Group), a Swiss based integrated European energy company, and Keppel Infrastructure Holding Pte Ltd (Keppel), a wholly-owned subsidiary of Keppel Corporation, a Singapore flagship multinational company providing solutions for sustainable urbanization, announced that they have formed a Swiss joint venture company to pursue renewable energy opportunities in Western Europe. The joint venture serves as the next phase of the strategic partnership since 2020 between MET Group and Keppel and was seeded with an initial portfolio of 213 MW of early-stage solar projects in Italy from MET Group. The joint venture will invest in both greenfield and brownfield solar and onshore wind assets across Western Europe with a target to scale up rapidly to at least 1 GW of operating and ready-to-build renewable energy projects.

Swiss Private Banks Arab Bank Switzerland and Gonet & Cie Enter into a Strategic Business Partnership

Arab Bank (Switzerland) Ltd., a Geneva-based bank created by Jordanian shareholders in 1960, and Gonet & Cie SA, a Swiss private bank founded in Geneva in 1845, entered into a strategic business partnership. Arab Bank Switzerland will acquire a majority stake in the family holding company owning Gonet & Cie and the two banks will combine their offer of products and services, while remaining autonomous banks with their respective name, staff and banking license. The new banking group will be a major actor in the Swiss wealth management industry, with assets under management in excess of CHF 10 billion. The transaction is subject to the approval of the relevant regulatory bodies and is expected to close during the first quarter of 2023.

Bär & Karrer Advised Equistone on the Acquisition of SF-Filter Group

Bär & Karrer advised funds advised by Equistone on the acquisition of SF-Filter Group, a European market leader in the distribution of industrial and mobile filters.

Bär & Karrer Advised Learning Pool (Marlin Equity Partners) on the Acquisition of People-Analytix

Learning Pool Limited, a portfolio company of Marlin Equity Partners, has acquired all shares in People-Analytix AG. People-Analytix develops and sells an AI-powered skill management platform.

Bär & Karrer Advises the Harting Entrepreneurial Family on the Acquisition of Studer Cables

Bär & Karrer advised the Harting entrepreneurial family on the acquisition of Studer Cables AG. A strategic partnership with the HARTING Technology Group is forming part of the acquisition of Studer Cables' parent company HC Holding Epsilon AG by the Harting entrepreneurial family. Both parties agreed not to disclose the purchase price.

Bär & Karrer Advises Lupa in Connection with a Rights Offering of MCH Group

On 5 September 2022, Lupa Investment Holdings, LP, New York, USA, and MCH Group AG, Basel, Switzerland, have entered into a commitment agreement in which Lupa committed to purchase a certain number of new shares in connection with a rights offering of MCH Group. The capital increase was completed on 12 October 2022 and MCH Group raised gross proceeds totalling CHF 76.9 million. Upon completion of the capital increase, Lupa's shareholding in MCH Group increased to 38.52%.

Bär & Karrer Advised the Founders of Chojuu on the Sale of their Start-up to Virtusan

The founders of Chojuu AG, a digital health startup and spin-off from ETH Zurich, working in the field of behavioral health interventions to improve people's lives, sold their shares to Virtusan AG.

Bär & Karrer Advised Farner Consulting on the Acquisition of Yoveo

Farner Consulting, a portfolio company of Waterland Private Equity, has acquired Yoveo AG. This transaction enables Farner Consulting to expand its communication offering with video consulting, video content and video technology.

Bär & Karrer Advised Infront on the Acquisition of Assetmax

Infront AS has signed an agreement for the acquisition of Assetmax AG. Assetmax is a leading Swiss service provider for independent asset managers, family offices and banks developing software for integrated multi-custody portfolio management, client relationship management, invoicing and reporting. The acquisition represents an important milestone for Infront as the company further strengthens its product offering for wealth management customers across Europe. The transaction is expected to be completed by the end of September at the latest and is subject to customary conditions.

Bär & Karrer Advises Intershop on the Sale of «AuPark» in Wädenswil

Bär & Karrer Advises Intershop on the Sale of «AuPark» in Wädenswil Intershop sold the development property "AuPark" in Wädenswil to Swiss Life AG on 19 August 2022 for a purchase price of CHF 190 million. A development with five residential and commercial buildings and around 230 apartments is planned on the site. The building permit for the project has already been granted. In addition, the Canton of Zurich is planning to build a new cantonal school on the neighbouring plot.
Bär & Karrer provided legal and tax advice to Intershop on this transaction. The team included Corrado Rampini and Kilian Müller (both Real Estate) as well as Cyrill Diefenbacher and Elena Kumashova (both Tax). For further information please contact: Media Relations, Eric Stupp Tel: +41 58 261 50 00 Email: eric.stupp@baerkarrer.ch

Bär & Karrer Advised iKO Media Group on its Partnership with STN Holdings Limited

iKO Media Group AG, a specialized and internationally oriented end-to-end media services provider, has entered into a partnership with STN Holdings Limited. The STN Group is a Slovenia-based and established global telecommunication facility specializing in satellite, broadcasting, connectivity and collocation services.

Bär & Karrer Advised the Netrics Group on the Acquisition of PageUp

Netrics, a portfolio company of Waterland Private Equity, has acquired PageUp AG, a provider of cloud, edge computing and modern workplace services.

Bär & Karrer Advises Archroma (SK Capital) on the Acquisition of Huntsman’s Textile Effects Division

Archroma, a portfolio company of SK Capital Partners, has entered into a definitive agreement with Huntsman Corporation to acquire Huntsman's Textile Effects division. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in the first half of 2023.Bär & Karrer acts as Swiss legal advisor to Archroma in this transaction.

Bär & Karrer Advised Sportradar on the Set-up of a Joint Venture with Ringier

Sportradar Group AG (NASDAQ: SRAD) (Sportradar), a global leading provider of sports data and content, established a joint venture with Ringier AG (Ringier), a Swiss technology and media company. With the joint venture, Sportradar and Ringier aspire to put sports fans in Africa, a dynamic market with high potential in the global sports industry, closer in touch with their favorite sports. The joint venture combines Ringier's media competence with Sportradar's sports data and product portfolio and builds upon a long-standing cooperation between the two Swiss-based companies.

Bär & Karrer Successfully Represented a Former UEFA Ethics and Disciplinary Inspector Before the Swiss Federal Supreme Court

Two former UEFA ethics and disciplinary inspectors have been acquitted in a lawsuit against the former president of a European football club and another person close to the club. The Swiss Federal Supreme Court confirmed the acquittal decision of the Cantonal Court of Vaud issued within the ambit of the fight against match fixing, which followed a criminal complaint from the two abovementioned individuals against two UEFA ethics and disciplinary inspectors. The Swiss Federal Supreme Court recognized that the former ethics and disciplinary inspectors were not guilty of defamation when they had identified these individuals as organizers of match-fixing in a disciplinary investigation report to the attention of UEFA.

Bär & Karrer Advises H2 Energy Europe on a Joint Venture with Phillips 66

H2 Energy Europe AG, a Swiss pioneer in the fields of renewable energies and hydrogen technology, and Phillips 66 closed on a 50-50 joint venture to set up and operate a network of hydrogen refueling retail sites in Germany, Austria and Denmark.

Bär & Karrer Advised Romande Energie Holding on First Green Bond Issuance

On 15 July 2022, Romande Energie Holding SA made its first green bond issuance. The bonds are listed on the SIX Swiss Exchange, in an aggregate amount of CHF 100 million, with a maturity in 2037. The issuance was made according to the Green Bond Principles published by the International Capital Market Association. The proceeds of the bond issue are to be applied according to the Green Finance Framework published by the issuer on its website.

Bär & Karrer Advises Novartis on the Sale of a Building Right for a New Production Facility in Stein.

Novartis Pharma Stein AG sold a building right on part of its industry area in Stein to Lonza AG. Lonza plans to construct a large-scale, commercial drug product fill & finish facility, which is expected to be completed in 2026. Lonza invests approx. CHF 500 million in its new facility.

Bär & Karrer Advises Valora Regarding the Public Tender Offer of FEMSA

On 4 July 2022, Fomento Económico Mexicano, S.A.B. de C.V. (FEMSA), Monterrey, Mexico and Valora Holding AG, Muttenz, Switzerland, have entered into an agreement on the terms and conditions of a combination by way of a public tender offer by FEMSA for all publicly held registered shares of Valora. FEMSA offers CHF 260 in cash for each registered share of Valora, which corresponds to a transaction volume of around CHF 1.1 billion. The board of directors of Valora recommends to its shareholders to accept FEMSA's public tender offer.

Bär & Karrer Advised OiOiOi in Pre-Seed Financing Round

OiOiOi Ltd. has successfully raised its first Pre-Seed financing round. The Swiss Startup offers a circular infant clothing rental service for parents.

Bär & Karrer Advises the Shareholder on the Sale of Home Service

Zurich, 28 June 2022 The shareholder of Home Service has sold his shares to Investis Holding. Home Service is a Swiss based company active in the facility service sector. Bär & Karrer acted as legal advisor to the shareholder of Home Service. The team included Christoph Neeracher, Philippe Seiler, Thomas Rohde and Luca Tarzia (all M&A) as well as Susanne Schreiber and Julian Hodel (both Tax).

Bär & Karrer Advises Firmenich in its Merger with DSM

On 31 May 2022, DSM and Firmenich announced a cross-border merger-of-equals which unites two iconic companies into a leading creation and innovation partner in nutrition, beauty and well-being. The new parent company will be located in Switzerland and listed on Euronext Amsterdam.

Bär & Karrer Advises Quaestor Coach on the Combination of Investarit with Diem Client Partner

Quaestor Coach, an independent private equity group specializing in a buy-and build in discretionary wealth management, announced today that Investarit, a Zurich-based international wealth management boutique and partner for comprehensive asset management services, joins forces with Diem Client Partner, a Zurich-based independent wealth management boutique for high net-worth individuals and institutional investors. The investment in Investarit follows Quaestor Coach's initial acquisition of Diem Client Partner in December 2021.

Bär & Karrer Advised Guess Europe on its EUR 250 million sustainabilitylinked revolving credit facility

Guess Europe Sagl have entered into a EUR 250 million sustainability-linked revolving credit facility with UBS Switzerland AG as Mandated Lead Arranger, Joint Bookrunner, Sustainability Coordinator, Agent and Lender and with Credit Suisse (Schweiz) AG as Mandated Lead Arranger, Joint Bookrunner and Lender as well as additional international banks as part of a syndicate.

Bär & Karrer Advised Sumex on its Strategic Partnership with Secon

Sumex AG, a fully-owned subsidiary of the ELCA Group, the Swiss leader in engineering, development and business solutions, has concluded a strategic partnership with Secon AG, a process and data specialist for core insurance business. Sumex is acquiring a controlling stake in Secon to create the leading technology solution provider in Switzerland for the health insurance market.

Bär & Karrer Advised Sumeru Equity Partners on the Acquisition of beqom

Sumeru Equity Partners acquired 100% of the share capital of beqom SA, a Swiss-based provider of employee compensation management and performance software solutions for large companies of various industry sectors.

Bär & Karrer Advises the Sellers on the Sale of Confinale Group

The owners of Confinale Corp. sold Confinale, a Swiss-based consulting specialist for digital banking and solution for wealth management, to the strategic buyer HCL Technologies. The acquisition is subject to customary closing conditions, which are expected to be completed in the next few weeks.

Bär & Karrer Advises the Netrics Group on the Sale of its Infrastructure Division

Netrics Group is focusing on cloud and modern workplace in the future and has sold its data center and connectivity division to the NorthC Group, which specializes in the operation of data centers in Europe.

Bär & Karrer Advised the Sellers on the Sale of Brust-Zentrum Zurich

The owners of Brust-Zentrum Zurich have entered a strategic alliance with Affidea, Europe's leading provider of advanced diagnostic imaging, cancer therapies and outpatient services.

Bär & Karrer Advised kooky in Financing Round

The start-up kooky has completed financing round of over six million Euro. In addition to lead investor UVC Partners various other investors have joined. kooky focuses on replacing single-use with reusable products. The Swiss start-up developed the first intelligent reusable cup system with its own digital return infrastructure.

Bär & Karrer Advised AS Equity Partners on the Acquisition of Swiss Post Solutions (SPS)

AS Equity Partners acquired the SPS Group from Die Schweizerische Post AG (Swiss Post). SPS is a global full-service provider of physical and digital document management and provides a comprehensive suite of Document Processing and Business Process Services. AS Equity Partners exclusively targets control investments in the lower to middle-market for software, technology, and technology enabled businesses across Europe.

Bär & Karrer Advises Swiss Entrepreneurs on the Acquisition of Werap Group

The entrepreneurial couple Dr. Sara and Christoph Hürlimann as well as Peter Huber acquired the Werap Group headquartered in Bubikon from its founder Konrad Frischknecht as part of a succession planning arrangement. The Werap Group is a center of excellence for electronic products (EMS), rewinding goods, cable assembly and trading in power supplies.

Bär & Karrer Advised Eppendorf on its Investment in BigOmics Analytics

Eppendorf, a leading life science company that develops, produces and distributes products and services for the use in laboratories worldwide, made an investment in BigOmics Analytics, a Swiss biodata analytics start-up company, as part of their Pre-Series A financing round.

Bär & Karrer Advises IWG on the Merger of its Digital and Technology Assets with The Instant Group

IWG Plc, a global leading supplier of flexible workspace solutions, has entered into the merger of certain of its digital and technology assets with The Instant Group, a leading independent provider of flexible workspace platforms and services. IWG Plc is investing GBP 270 million to acquire the shares, with Instant management expected to invest a further GBP 50 million into the combined business. The merger is taking place with the aim of listing the merged company on the US or UK market by the end of 2023.

Bär & Karrer Advises ZAPI on the Acquisition of BlueBotics

ZAPI Group, a leader in electrification and manufacturer of electronic speed controllers, electric motors, battery chargers, and associated products for electric and hybrid vehicles acquired BlueBotics, a leader in navigation for automated guided vehicles and autonomous mobile robots, including the shares held by investor Forestay Capital. The transaction closed on 21 December 2021.

Bär & Karrer Advised Bregal on the Sale of ATP Group

Bregal Unternehmerkapital sold ATP Group to Arsenal Capital Partners, a private equity firm focused on healthcare and industrial companies. Headquartered in Wollerau, Switzerland, ATP adhesive systems is an international developer and manufacturer of industrial adhesive tapes.

Bär & Karrer Advises AXPO on its EUR 2.5 Billion Sustainability Linked Credit Facilities

Axpo Holding AG has entered into a EUR 2.5 billion sustainability linked credit facilities agreement with a broad international consortium of banks, led by ING as sole coordinator. The interest margin of the facilities will among others depend on Axpo's expansion of its renewable energy portfolio.

Bär & Karrer Advised the Founder on the Sale of SMSup

The founder of SMSup Sàrl, a fast-growing business messaging startup in Switzerland, sold SMSup Sàrl to F24 Schweiz AG.

Bär & Karrer Advises Xebia on the Acquisition of SwissQ Consulting

Xebia, a worldwide IT consultancy company with seat in the Netherlands and portfolio company of Waterland, has entered into a share purchase agreement regarding the acquisition of SwissQ Consulting AG from the founders. SwissQ Consulting AG is a Swiss company active in IT consulting services and related training services.

Bär & Karrer Advised OLX on the Sale of its Investment in Encuentra24

The OLX Group, classifieds business of Prosus, a global consumer internet group and one of the largest technology investors in the world, sold its investment in Encuentra24.com AG, a leading general classifieds marketplace in five key LATAM markets, to Frontier Digital Ventures Pte Ltd, a leading owner and operator of online marketplace businesses in fast growing emerging markets.

Bär & Karrer Advises the Owners of Hoffmann SE on the Contribution of their Shares to SFS Group

The current owners of Hoffmann SE agreed to contribute 100% of the shares of Hoffmann SE to the SFS Group, which is listed on the SIX Swiss Exchange. Hoffmann SE is a leading international systems partner for quality tools which is active in over 50 countries with around 3,000 employees. A part of the purchase price will be paid in the form of SFS shares. Thus, the current owners of Hoffmann SE will become significant shareholders of SFS.

Bär & Karrer Advises the Shareholders of ERNI Real Estate on the Sale

ERNI Real Estate AG and its subsidiary ERNI Liegenschaften AG own a property of approximately 16,000 m2 in Wangen-Brüttisellen. The property comprises two buildings and an area of 12,000 m2 with development potential. The shareholders of ERNI Real Estate AG have sold their shares to Mobimo Holding AG.

Bär & Karrer Advised AgEagle on the Acquisition of senseFly

AgEagle Aerial Systems Inc. ("AgEagle"), an industry-leading provider of drones, sensors and software listed on the New York Stock Exchange, and Parrot, a leading European drone group, entered into an agreement under which AgEagle acquired senseFly, a Parrot Group wholly-owned subsidiary, in a cash and stock transaction. Founded in 2009 and headquartered in Lausanne, senseFly employs approximately 90 people and develops and produces a proprietary line of eBee-branded, high performance, fixed wing drones for professional use.

Bär & Karrer Advises IBM on the Spin-off of Kyndryl in Switzerland

IBM Switzerland spun off its managed infrastructure services business to Kyndryl Switzerland in support of the separation of that business globally from IBM to Kyndryl. Kyndryl is now trading on the New York Stock Exchange.

Bär & Karrer Advises Novartis on the Sale of its Roche Stake

On 3 November 2021, Novartis agreed to sell 53.3 million Roche bearer shares in a bilateral transaction to Roche for a consideration of USD 20.7 billion.

Bär & Karrer Advises the Sellers on the Sale of SpecPage

The shareholders of SpecPage, a global provider of integrated software solutions and online tools for the recipe-based manufacturing industry, have sold their shares to Revalize, a worldwide provider of sector-specific revenue operations software for manufacturers, their distributors and their specifiers.

Bär & Karrer Advised Chubb in the Placement of USD 1.6 Billion Senior Notes

On 15 September 2021, Chubb INA Holdings Inc. has priced the offering of USD 600 million Senior Notes due 2051 with an interest rate of 2.850% and USD 1 billion Senior Notes due 2061 with an interest rate of 3.050%. The Senior Notes are unconditionally guaranteed by Chubb Limited, Zurich, Switzerland, and are registered on NYSE. The underwriters were represented by BofA Securities, Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC.

Bär & Karrer Advised iRobot on the Acquisition of Aeris Group

iRobot, a leading developer for consumer robots has acquired Aeris Cleantec Group. Founded in 2015, Aeris Cleantec is a rapidly growing company that develops and distributes high-quality air purifiers worldwide.

Bär & Karrer Advises Vifor Pharma in USD 11.7 Billion Transaction

On 14 December 2021, global biotechnology leader CSL Limited announced a tender offer for all shares in Vifor Pharma Ltd, a global specialty pharmaceutical company with leadership in iron deficiency, nephrology & cardio-renal therapies. The offer values Vifor Pharma at USD 11.7 / CHF 10.9 billion.

Bär & Karrer Advises the Founding Shareholders on the Sale of Appway to FNZ

FNZ, a leading global wealth management platform, has agreed to acquire Appway from its founding shareholders and Summit Partners. Appway is a leader in client onboarding and client servicing for financial institutions. The transaction is due to be completed early in the first quarter of 2022.

Bär & Karrer Advises TA Associates on its Investment in Adcubum

TA Associates, a leading global growth private equity firm, made a strategic growth investment in Adcubum AG, a leading Swiss health and property & casualty (P&C) insurance software provider, and tech11 GmbH, a fast-growing insurance software provider serving the P&C market in Germany and across Europe.

Bär & Karrer Advises Armira and Dr. Urs Spitz on the Sale of Biosynth Carbosynth

Armira and CEO Dr. Urs Spitz have agreed to sell Biosynth Carbosynth to KKR & Co. Inc. Biosynth Carbosynth is a leading life sciences reagents, custom synthesis and manufacturing services company. CEO Dr. Urs Spitz and senior managers of the group will retain a significant ownership stake in the group. Completion of the transaction is subject to merger control approval.

Bär & Karrer Advises Customs Support Group on the Acquisition of Balimpex

Customs Support Group B.V., a portfolio company of Castik Capital which is a leading independent, digital and neutral provider of Customs Services in Europe, acquired Balimpex AG from its founders. Balimpex is an international freight forwarding and customs company based in Switzerland.

Bär & Karrer Advises Exceet Group on the Sale of GS Swiss PCB

Exceet Group, which is listed on the Frankfurt Stock Exchange, has entered into an agreement for the sale of its portfolio company GS Swiss PCB AG to AFINUM. GS Swiss PCB AG is a manufacturer of highly miniaturized printed circuit boards for the medical technology and aerospace sectors.

Bär & Karrer Represents Canada Pension Plan Investment Board on Sportradar IPO

Bär & Karrer AG advised Canada Pension Plan Investment Board (CPPIB), a professional investment management organization, as an investor in Sportradar in connection with Sportradar's initial public offering of 19,000,000 Class A ordinary shares at a price to the public of $27 per share. Sportradar is a leading global provider of sports betting and sports entertainment products and services. The shares are trading on the Nasdaq Global Select Market under the ticker symbol 'SRAD'.

Bär & Karrer Advises Blackstone on the Acquisition of a Majority Stake in VFS Global from EQT Private Equity

Blackstone, a leading global investment business investing capital on behalf of pension funds, large institutions and individuals, has entered into an agreement for the acquisition of a majority stake in VFS Global from EQT Private Equity. VFS Global is a pioneer in and the leading and world's largest provider of visa outsourcing services. EQT will retain a minority position in VFS Global alongside Blackstone and the Kuoni and Hugentobler Foundation.

Bär & Karrer Elects Four New Partners

Bär & Karrer is pleased to announce the election of Dr. Vera Naegeli, Cyrill Diefenbacher, Dr. Joel Fischer and Dr. Christian Kunz to the firm's partnership. The new partners will strengthen the firm's tax, internal investigations, financial institutions, white collar crime, M&A/corporate as well as data and technology practices. The appointments are effective as of 1 January 2022.

Bär & Karrer Advised Sandvik on the Acquisition of Accuratech Group

Sandvik Materials Technology, a leading developer and manufacturer of advanced stainless steels and special alloys, has acquired Accuratech Group. Accuratech Group is a niched medical component manufacturer headquartered in Switzerland.

Bär & Karrer Advised Renaissance Capital on a Note Repackaging of USD 15 Million in Common Shares of Acronis

Renaissance Capital, an investment firm with a focus on emerging markets, sponsored the repackaging transaction and acted as a dealer for the notes. E.M.I.S. Finance B.V., a Dutch limited recourse investment vehicle, issued secured notes in the aggregate amount of approx. USD 15 million and purchased the respective number of common shares in Acronis AG as the underlying securities.

Bär & Karrer Acted as Legal Advisor on the Sale of Tina Turner’s Portfolio of Music Rights to BMG

The international music company BMG acquired Tina Turner's portfolio of music rights and will partner with her to maintain and develop her musical treasure-trove and safeguard her legacy. The transaction includes Tina Turner’s artist’s share of her recordings, her music publishing writer’s share, neighboring rights and name, image and likeness. A 12-time Grammy winner, Tina Turner has published ten solo studio albums, two live albums, two soundtracks and five compilations, which together have sold over 100 million copies. Tina Turner said, “Like any artist, the protection of my life’s work, my musical inheritance, is something personal. I am confident that with BMG and Warner Music my work is in professional and reliable hands.” Bär & Karrer advised Tina Turner and her husband Erwin Bach in this transaction. The team included Daniel Bader and Martin Leu (both Tax), Michael Trippel (M&A), Markus Wang (IP), Ignaz Müller and Michael Rohrer (both Notarial Services).

Bär & Karrer Advises Mubadala Investment Company on its Investment in Open Mineral

A Mubadala Investment Company has acquired a stake in Open Mineral AG in its latest $33 million series C financing round, which was led by Mubadala among further co-investors. Open Mineral AG operates a digital trading platform for base metal commodities.

Bär & Karrer Advises Allianz Suisse on Reinsurance Solution for Legacy Portfolio of Individual Life Products

The persistent low interest rate environment over the past few years has prompted changes in the life insurance industry. Against this backdrop, Allianz Suisse Lebensversicherungs-Gesellschaft AG and the reinsurance company Resolution Re Ltd. have agreed on an innovative reinsurance solution to hedge interest rate commitments. Under the agreement, Resolution Re Ltd. will take over the market and insurance risks of a legacy portfolio of individual life insurance products, within the framework of quota share reinsurance. The products in the portfolio, which has a reserve volume of around CHF 4 billion, have been discontinued.

Bär & Karrer Advised Tecan on Placement of Shares by Way of an Accelerated Bookbuilding

Tecan Group Ltd. (SIX Swiss Exchange: TECN) has successfully placed 650,000 new registered shares in a private placement by way of an accelerated bookbuilding and completed a capital increase of approx. CHF 360 million to partially refinance the acquisition of Paramit Corporation. The offer price was set at CHF 550 per share. Credit Suisse Ltd. and Joh. Berenberg, Gossler & Co. KG acted as managers in this transaction.

Bär & Karrer Advises the Sellers on the Sale of Montana Capital Partners to PGIM Holdings Limited

The shareholders of Montana Capital Partners, a European-based private equity secondaries asset manager, have entered into a share purchase agreement regarding the sale of all shares to PGIM, the global investment management business of Prudential Financial, Inc. Completion is subject to regulatory approval.

Bär & Karrer Advises Triton on the Acquisition of Swiss IT Security Group

Bär & Karrer advises Triton Fund V advised by Triton on the acquisition of Swiss IT Security Group, a leading cyber security services provider in the DACH and Benelux regions, from Ufenau Capital Partners. The transaction is subject to regulatory approvals.

Bär & Karrer Advises Deutsche Börse on the Acquisition of a Majority Stake in Crypto Finance

Deutsche Börse AG acquires a majority stake in Crypto Finance AG, a financial group under consolidated FINMA supervision that offers trading, storage, and investment in digital assets to institutional and professional clients.

Bär & Karrer Advises Tecan on Financing the Acquisition of Paramit Corporation

The SIX Swiss Exchange listed Tecan Group entered into an agreement to acquire US-based Paramit Corporation for a total purchase consideration of USD 1.0 billion. Paramit, headquartered in Morgan Hill (California/USA), is a leading OEM developer and manufacturer of medical devices and life sciences instruments.

Deutsche Börse Acquires Remaining Stake in Clearstream Fund Centre from UBS

Deutsche Börse AG acquires the remaining 49% stake in Clearstream Fund Centre AG from UBS AG for CHF 390 million and becomes the sole shareholder of Clearstream Fund Centre, a leading European fund distribution platform. The acquisition of the initial 51% stake had closed on 30 September 2020.

Bär & Karrer Advises GENUI on the Acquisition of labor team w

Doctors and laboratory specialists, together with the investment firm GENUI, acquired labor team w ag, one of the leading private medical laboratories in Switzerland. The laboratory provides professional services for the prevention, diagnosis, monitoring and treatment of diseases throughout Switzerland.

Bär & Karrer Advises Lonza on the Entering into a Strategic Partnership with Sanofi

Today, Lonza and Sanofi announced that they have entered into a strategic partnership to build and operate a large-scale mammalian cell culture facility for monoclonal antibody production in Visp, Switzerland. The large-scale facility will be established through a joint venture with an initial investment of around CHF 290 million shared equally between Lonza and Sanofi. The initial construction phase of the facility will commence in 2017, pending necessary regulatory approvals. The facility is expected to be fully operational by 2020.

Bär & Karrer Advises the Owners on the Sale of a Majority in FOSTAG

The owners of Fostag Formenbau AG (FOSTAG), a leading manufacturer of high performance injection moulds for medical, thin wall packaging and closure applications, have sold a majority in FOSTAG to a group of Swiss private investors led by BLR Partners.


Bär & Karrer Advises Cognita in a Transaction which Allows Obersee Bilingual School to Join Cognita

The leading global schools group Cognita, whose majority owner is Jacobs Holding, has acquired a majority stake in the Swiss-based Obersee Bilingual School (OBS). With provision from nursery to Matura, OBS bilingually educates currently 375 children and young people of the international community in Schwyz. The school offers the IB curriculum and the Swiss Matura.


Bär & Karrer Advised LEONI on the Sale of LEONI Schweiz

LEONI AG, a leading German wire, cable and harnessing manufacturing group, sold its subsidiary LEONI Schweiz AG to a consortium of buyers led by former board member Bruno Fankhauser and Helvetica Capital AG, an independent investor focusing on companies in Switzerland and neighbouring regions. LEONI Schweiz AG is the holding company of LEONI Studer AG, a specialist in high-quality cables and wires for complex applications in the industrial and infrastructure sectors.


Bär & Karrer Advised Mobiliar on its Acquisition of flatfox

Mobiliar, a leading Swiss insurance company, has completed the acquisition of flatfox AG, a Swiss IT company specializing in the real estate market. Flatfox is a leading Swiss real estate portal and offers a free marketplace for properties, as well as innovative tools around the rental process.


Bär & Karrer Advises Sage on the Sale of its Swiss Business

The Sage Group, a market-leading provider of business software products and solutions, has entered into an agreement for the sale of its Swiss business to Infoniqa, a provider of HR software solutions majority-owned by Warburg Pincus. The transaction is subject to certain closing conditions and is expected to complete within the next twelve months.


Bär & Karrer Advises Imaweb on its Acquisition of Stieger Software

Imaweb, a developer of software solutions for automotive manufacturers and dealers (a portfolio company of PSG), purchased all shares in Stieger Software AG, a provider of comprehensive software solutions for garages, motorcycle businesses and shipyards.


Bär & Karrer Advises Gi Group on the Acquisition of Jobtome International

Gi Group, Italy’s largest multinational staffing company and one of Europe’s top 6 staffing companies, has completed the acquisition of Jobtome International SA, one of the world’s largest online job aggregators based in Switzerland with a presence in 35 countries.


Bär & Karrer Advises Valtech on the Acquisitions of Infocentric Research and Codeflair

Valtech S.E., a global digital agency specializing in business transformations, acquired all shares in Infocentric Research AG in December 2019. In addition, all shares in Codeflair AG were purchased in a follow-up transaction, which was completed in March 2021.


Bär & Karrer Advises Mainsail Partners and GTreasury on the Acquisition of Coprocess

GTreasury, a treasury and risk management platform provider, has acquired Coprocess SA, the leading provider of intercompany netting solutions.

Bär & Karrer Advises Equistone on the Acquisition of Franke Water Systems

Bär & Karrer advises funds advised by Equistone on the acquisition of Franke Water Systems AG (KWC and WSC Groups), an international manufacturer of intelligent water solutions for residential bathrooms, residential kitchens and commercial washrooms, from Franke Group. The transaction is subject to approval by the competent merger control authorities.

Bär & Karrer Advises Sellers on the Sale of a Majority Stake in PerfectHair.ch to Storskogen

The co-founders and further shareholders of PerfectHair.ch, a Swiss e-commerce platform for professional haircare and beauty products, have sold a majority stake in PerfectHair.ch to the Swedish private equity firm Storskogen.

Bär & Karrer Advises QSR International on the Acquisition of Swiss Academic Software

QSR International LLC, a US based developer of research & educational software and a portfolio company of Rubicon Technology Partners, has acquired all shares in Swiss Academic Software GmbH, developer of the leading literature and knowledge management software Citavi.

Bär & Karrer Advises Lonza on the CHF 4.2 Billion Sale of Lonza’s Specialty Ingredients Business to Bain Capital and Cinven

On 8 February 2021, Lonza entered into a definitive agreement with Bain Capital and Cinven to sell Lonza's Specialty Ingredients business and operations for an enterprise value of CHF 4.2 billion. The divestment will allow Lonza to refocus its business as a pure-play partner to the healthcare industry.

Bär & Karrer Advises the Netrics Group on the Acquisition of a data center in Biel

Together with HRS, the Netrics group, a portfolio company of Waterland Private Equity, takes over the state-of-the-art data center in the Bözingenfeld industrial area of Biel, thus taking another logical step in its growth strategy.

Bär & Karrer Advises CVC Capital Partners on its Partnership with FIVB

CVC Capital Partners (CVC), one of the world's leading private equity firms, will partner with Fédération Internationale de Volleyball (FIVB), the world governing body of the sport of volleyball, in the newly founded joint-venture VW Volleyball World SA. VW Volleyball World SA will be responsible for the commercial operation of key volleyball and beach volleyball events, including the World Championships, Olympic Qualifiers and the Volleyball Nations League. The partnership will particularly focus on event hosting, fan experience, media, data and digital opportunities, as well as sponsorship.

Bär & Karrer Advises FE fundinfo on the Acquisition of CSSP

FE fundinfo, a global fund data and technology provider, acquired CSSP – Center for Social and Sustainable Products AG, an innovative business focusing on ESG and carbon investment reporting solutions.

Bär & Karrer Advised Savex Capital on Obtaining its FINMA License

In January 2021, Savex Capital AG started operating as a fully licensed Swiss asset manager of collective investment schemes.

Bär & Karrer Advises on Swiss Regulatory Aspects of the Merger of Insurance Groups Provinzial NordW

Provinzial NordWest Holding AG and Provinzial Rheinland Holding AöR merged by way of a spin-off whereby Provinzial Rheinland Holding AöR transferred the part of its assets relating to the insurance business, in particular its holdings in the insurance companies of the group, to Provinzial Nordwest Holding AG. In return, Provinzial Rheinland Holding AöR received new shares in Provinzial Nordwest Holding AG and now has a stake in the merged company. By entry in the commercial register and conversion into Provinzial Holding AG on 31 August, the merger became as planned effective as of 1 January 2020.

Bär & Karrer Advised the Shareholders on the Sale of Webnode to team.blue

The shareholders of Webnode AG sold their shares to team.blue, one of the largest hosting providers in Europe. Webnode is one of the leading website builder companies in Europe.

Bär & Karrer Advises Partners Group on the Acquisition of a Significant Equity Stake in Telepass

Partners Group, the global private markets investment manager, acquired a significant equity stake in Telepass S.p.A. ("Telepass"), a leading electronic toll collection services provider in Europe. Following the acquisition, Partners Group will be the joint owner of Telepass with its current investor Atlantia S.p.A. The transaction values Telepass at an enterprise value of over EUR 2 billion.

Bär & Karrer Advises Partners Group on the Acquisition of a Significant Equity Stake in Telepass

Partners Group, the global private markets investment manager, acquired a significant equity stake in Telepass S.p.A. ("Telepass"), a leading electronic toll collection services provider in Europe. Following the acquisition, Partners Group will be the joint owner of Telepass with its current investor Atlantia S.p.A. The transaction values Telepass at an enterprise value of over EUR 2 billion.

Bär & Karrer Successfully Represented Respondent in Setting-Aside Proceedings before the Swiss Fede

Bär & Karrer successfully represented a Turkish construction company against the State of Libya in setting-aside proceedings before the Swiss Federal Supreme Court in connection with an ICC award issued in an investment treaty arbitration. The underlying claims arose out of construction projects commissioned by the State of Libya.


Bär & Karrer Advises Castik Capital on the Sale of Acrotec Group

Castik Capital entered into a share purchase agreement with Carlyle Group regarding the sale of the Acrotec Group. Acrotec Group is an independent supplier of watch components for the Swiss luxury mechanical watch market, a main player in the European MedTech components market and a supplier of high precision components for various end markets such as automotive, aerospace, aeronautics, electronics and consumer goods. The transaction is subject to antitrust approval.

Bär & Karrer Advised the forteq Group on the Sale of forteq Nidau to Liberta Partners

Bär & Karrer advised the forteq Group, a global supplier of complex plastic components, on the sale of the forteq Nidau AG (healthcare business) to Liberta Partners, Munich. The forteq Group will focus on its core activities in the automotive industry.

Bär & Karrer Advises EMZ Partners on the Acquisition of a Majority Stake in Assepro

EMZ Partners, a European Private Equity company, has agreed to acquire a majority stake in Assepro, a leading independent insurance broker group with a focus on small and medium-sized enterprises in Switzerland covering a broad value chain including brokerage, insurance advisory, risk management, pension schemes, financial/pension planning and employee benefits.

Bär & Karrer Advises Valora on its Share Placement

Valora Holding AG completed a placement of shares by way of an accelerated bookbuilding process raising net proceeds of approximately CHF 70 million. Credit Suisse and UBS acted as Joint Bookrunners.

Bär & Karrer Advises the Managers in CHF 18.6 Million Rights Offering of Kuros Biosciences.

On 23 October 2020, Kuros Biosciences, a life science company focusing on the development and marketing of orthobiologics, completed a capital increase by way of a rights offering to its shareholders. 50.2% of the shareholders of Kuros Biosciences exercised their subscription rights in the rights offering. The remaining 4,192,530 offered shares were placed in the market and an additional tranche of 1,915,203 shares was sold to Optiverder B.V. The offer price was set at CHF 1.80 per share.


Bär & Karrer Advised Credit Suisse, J.P. Morgan and BofA Securities in the Rights Offering of Idors

On 23 October 2020, Idorsia Ltd completed a capital increase by way of an at-market rights offering. The offer price was set at CHF 22.50 per share and the capital increase resulted in gross proceeds of approximately CHF 535.5 Million. Idorsia intends to use the net proceeds of approximately CHF 520 Million to support the regulatory filing and, if approved, commercial launch of daridorexant and to fund the further development of its diversified pipeline. Credit Suisse, J.P. Morgan and BofA Securities acted as Joint Bookrunners in connection with the rights offering.


Bär & Karrer Advised Syngenta on its Acquisition of a Production Facility from Novartis

Syngenta Crop Protection AG, a global leading chemical crop protection company, acquired a production facility located on the GETEC PARK.SWISS area from Novartis Pharma Schweizerhalle AG.


Bär & Karrer Advised OLX on its Cooperation with Encuentra24

OLX Group, a leading global marketplaces network, and Encuentra24, a leading marketplace and business solution provider in Central America, merged their business activities in Central America under the Encuentra24 brand.

Bär & Karrer Advises BancaStato on the Acquisition of Ticino-based Retail Business Lines from EFG I

Banca dello Stato del Canton Ticino (BancaStato) has agreed with EFG International to acquire its Ticino-based retail business lines, with around CHF 1.2 billion of client assets. The two parties are also committed to exploring further areas of collaboration in Ticino in the future. The operation, which is meant to enable both parties to focus on their core businesses in line with their strategic goals, is expected to close in the first quarter of 2021.

Bär & Karrer Advised Crédit Agricole next bank (Suisse) on its Covered Bond Programme

On 18 August 2020 Crédit Agricole next bank (Suisse) SA established its first Covered Bond Programme, in a maximum aggregate principal amount of CHF 2 billion, guaranteed as to payments of interest and principal by CAnb (Suisse) Hypothèques SA. An initial series of covered bonds, in an amount of CHF 200 million, due in September 2029, was issued on 18 September 2020 and listed on SIX Swiss Exchange.


Bär & Karrer Assisted CONMEBOL before the Swiss Prosecuting Authorities in the Recovery of more tha

Bär & Karrer successfully assisted the current administration of the South American Football Confederation (CONMEBOL) in the restitution of more than CHF 36 million in the course of various Swiss criminal proceedings opened in connection with CONMEBOL’s former president, Nicolas Leoz and its former secretary general, Eduardo Deluca.


Bär & Karrer Advises Patrimonium on the Acquisition of a Majority Stake in the ROTH GROUPE

Bär & Karrer advised Swiss based Private Equity Fund Patrimonium on the acquisition of a majority stake in the ROTH GROUP, a Swiss provider of structural fire protection, technical insulation and coating solutions represented in all parts of Switzerland with 14 entities at 11 locations.

Bär & Karrer Advises the Shareholders on the Sale of NEPLAN to PSI

The shareholders of NEPLAN AG, a Swiss network planning software specialist, sold their shares to PSI group.


Bär & Karrer Advises Sovereign Capital Partners in the MBO of ACOLIN

Sovereign Capital Partners, the UK private equity Buy & Build specialist, has backed the management buy-out of ACOLIN, a leading provider of regulatory and cross-border fund distribution services, with offices in Zurich, Geneva, London, Frankfurt and Belgrade, among others. Sovereign’s support is an important step towards ACOLIN becoming a leading one-stop-shop service provider along the entire investment funds distribution value chain.

Bär & Karrer Advises Avaloq and Warburg Pincus on the Sale of Avaloq to NEC

Warburg Pincus, a leading global private equity firm, and other shareholders have sold their shares to NEC Corporation in an acquisition which valued Avlaoq at CHF 2.05 billion. Avaloq is an internationally leading FinTech company based in Switzerland.

Bär & Karrer Advises Fideuram – Intesa Sanpaolo Private Banking

Fideuram – Intesa Sanpaolo Private Banking, the private banking division of the Intesa Sanpaolo Group, and REYL & Cie SA have entered into a long-term strategic partnership, under which Fideuram will acquire a 69% interest in REYL and assign its Swiss subsidiary Intesa Sanpaolo Private Bank (Suisse) Morval SA to REYL.

Bär & Karrer Advises Vifor Pharma on the Sale of OM Pharma

Vifor Pharma, a global leader in iron deficiency, nephrology and cardio-renal therapies, has sold its OM Pharma business, which primarily focuses on therapies for respiratory and urinary tract infections and is active in the treatment of vascular diseases, to Optimus Holding Ltd., a company founded by Etienne Jornod together with long-standing Swiss entrepreneurs and the Turkish pharmaceutical company Abdi Ibrahim. Closing of the transaction is expected to take place within the next weeks.

Bär & Karrer Advised Novartis on the Placement of EUR 1,85 Billion Sustainability-Linked Bonds

Novartis Finance S.A., a subsidiary of Novartis AG, issued EUR 1,85 billion sustainability-linked bonds due 2028 with an interest rate of 0.000%. The bonds are the first of its kind in the healthcare industry and the first sustainability-linked bonds incorporating social targets, with bondholders entitled to receive a higher amount of interest if Novartis fails to meet its targets for expanding access to its innovative medicines. The Bonds are guaranteed by Novartis AG. They have been provisionally admitted to trading at the SIX Swiss Exchange and are expected to be listed there as well.

Bär & Karrer Advises PSP Swiss Property on the Acquisition of Three Attractive Commercial Buildings

PSP Swiss Property purchased three directly adjacent commercial buildings in the CBD of Geneva for CHF 295 million (plus transation costs). The three properties at Rue de la Confédération 2 (8,100 m2 rental space), Rue de la Corraterie 5/7 (5,400 m2) and Rue de la Cité 6 (2,100 m2) were acquired as of 22 September 2020. The commercial buildings are located in a very well frequented location between the banking district, the historic city center and the prestigious Rue du Rhône. The main tenant remains the seller UBS, which will lease back the branch office and the spaces required for its business operations.

Bär & Karrer Advises Ares Management

Ares Management Corporation ("Ares"), a global alternative investment manager, that invests across Credit, Private Equity and Real Estate, invested in Peach Property Group AG ("Peach") by subscribing to approx. CHF 150 million of a mandatory convertible bond issued by Peach, a real estate company listed on SIX Swiss Exchange. With a shareholding of approx. 30 percent, Ares will become the largest single shareholder of Peach and will receive tailored governance rights at Peach, subject to EGM approval. The investment enables the financing of Peach’s recently announced acquisition of 10,250 apartments in Germany.

Bär & Karrer Advises the Shareholders on the Sale of a Majority Interest in Amorana.ch to Lovehoney

The shareholders of Bluebox Shop AG, operator of the online erotic store Amorana.ch, have sold a majority of their shares to Lovehoney Limited, a portfolio company of Telemos Capital.

Bär & Karrer Advises Swiss International Air Lines and Edelweiss Air on its CHF 1.5 Billion Credit

Swiss International Air Lines AG and Edelweiss Air AG have entered into a CHF 1.5 billion revolving credit facility agreement with Credit Suisse (Schweiz) AG and UBS Switzerland AG as mandated lead arrangers, coordinators and lenders and additional banks as part of a syndicate. The Swiss Confederation, represented by the Swiss Federal Department of the Environment, Transport, Energy and Communications, acted as surety provider covering 85% of the credit. The financing is linked to certain Swiss location policy measures. Deutsche Lufthansa AG and the German government have agreed to this financing as well.

Swiss investment firm Capvis has agreed to acquire a majority stake in BSI Business Systems Integration AG

Swiss investment firm Capvis has agreed to acquire a majority stake in BSI Business Systems Integration AG, a customer relationship management (CRM) software solution provider that operates primarily in Switzerland, Germany and Austria.

Bär & Karrer Advised the International Surfing Association (ISA) in a Landmark Decision

On 6 August 2020, The Court of Arbitration for Sport (CAS) reached a decision on a dispute between the International Surfing Association (ISA) and the International Canoe Federation (ICF), to award the governance of the sport of Stand-Up Paddelboard (SUP) at Olympic Level to the ISA. Both International Federations claimed that the governance of SUP would fall into their respective fields of competence. The ISA welcomed the decision and will continue to work for the growth of the sport of SUP on an international level.

Bär & Karrer Advised the Banking Syndicate on the Placement of New Shares of Molecular Partners

Molecular Partners successfully placed 5'528'089 new shares to institutional investors by way of an accelerated book-building process in a private placement. The offer price was set at CHF 14.50 per share. The gross proceeds from the placement amounted to CHF 80.2 million. The proceeds from the capital increase will be used to fund research & development activities as well as for general corporate purposes. SVB Leerink LLC, Cowen and Company, LLC, Van Lanschot Kempen Wealth Management N.V. and Credit Suisse AG acted as Joint Bookrunners. Bär & Karrer acted as legal counsel to the banking syndicate. The team included Thomas Reutter, Alexander von Jeinsen, Annette Weber and Audrey Benzow (all Capital Markets).

Bär & Karrer advises Migros-Genossenschafts-Bund on the Sale of Shopping Center 

Migros-Genossenschafts-Bund sold the shopping center Glatt to Swiss Life AG. The Glattzentrum in Wallisellen (ZH) is one of Switzerland's largest and most popular shopping centers. Bär & Karrer advised the Migros-Genossenschafts-Bund on the sale. The Team included Corrado Rampini and Kilian Müller (both Real Estate), as well as Christoph Neeracher and Raphael Annasohn (both M&A).

Bär & Karrer Advises Majority Shareholders of Alpiq Holding in Public Offer

Schweizer Kraftwerksbeteiligungs-AG, a subsidiary of CSA Energy-Infrastructure Switzerland, acting in concert with Primeo Energy/KSM and EOS Holding, launched a public tender offer on all publicly held shares in Alpiq Holding, which was completed in October 2019. Subsequently a squeeze-out merger was resolved, which was completed on 29 June 2020. As a result of these transactions, Alpiq Holding now has a Swiss shareholder structure.

Bär & Karrer Advised Pregnolia in Series A Financing Round

Pregnolia AG, a femtech startup company, has successfully raised over CHF 4 million in its Series A financing round. Pregnolia specialises in the early diagnosis of premature birth.

Bär & Karrer Advises Lupa Systems, the Likely New Anchor Shareholder in MCH Group

On 10 July 2020, MCH Group AG announced a comprehensive set of measures, including a new anchor investor, Lupa Systems LLC, an independent private investment company owned by James Murdoch.

Bär & Karrer Advises Hg on its Investment in F24 AG

Hg acquires a majority stake in F24 AG, a leading European SaaS provider of emergency notification, crisis & incident management und critical communications.

Bär & Karrer Advised Swiss Re on the Update of its USD 10 Billion Debt Issuance Programme

The Swiss Re group has recently updated its USD 10 billion Debt Issuance Programme, and thereunder has issued (i) EUR 800 million Guaranteed Subordinated Fixed Rate Reset Step-Up Callable Notes with a scheduled maturity in 2052 and (ii) SGD 350 million Guaranteed Subordinated Fixed Rate Reset Callable Notes with a scheduled maturity in 2035.

Bär & Karrer Advised Goldman Sachs and UBS on the Placement of new Convertible Bonds 

On 28 July 2020, Basilea Pharmaceutica completed the offering of approximately CHF 97 million 3.25% convertible bonds due 2027 to finance the repurchase of a part of Basilea's existing convertible bonds due 2022. With the repurchase of part of its existing bonds financed by newly issued bonds, Basilea was able to extend its debt maturity profile and to optimize its debt structure. The reference price for the conversion price of the new convertible bonds was set by the placement of shares in Basilea.

Bär & Karrer Advised Credit Suisse and Zürcher Kantonalbank on Meyer Burger Technology’s Rights

On 29 July 2020, Meyer Burger Technology AG completed a capital increase comprising a rights offering to its shareholders and a private placement to selected investors, resulting in gross proceeds of approximately CHF 165 million. Meyer Burger intends to use the proceeds to finance the strategic transformation from a supplier of photovoltaic production equipment to a manufacturer of solar photovoltaic cells and modules and the related ramp-up of production capacities. Credit Suisse acted as Global Coordinator and Joint Bookrunner and Zürcher Kantonalbank acted as Joint Bookrunner in connection with the rights offering.

Bär & Karrer Advised on Polyphor’s up to CHF 19.3 Million Equity-Linked Financing

Polyphor AG announced that it has entered into an equity-linked financing arrangement with the French company IRIS to raise a gross amount of up to CHF 19.3 million over a period of two years. Under the innovative financing instrument, IRIS will receive Polyphor shares to be created from the company's conditional capital based on an interest-free mandatory convertible bonds program.

Bär & Karrer Advises freenet in Connection with the Obligation to Sell its 24,42% Interest in Sunrise Communications Group in the Context of the Tender Offer Launched by Liberty Global

Bär & Karrer Advises freenet in Connection with the Obligation to Sell its 24,42% Interest in Sunrise Communications Group in the Context of the Tender Offer Launched by Liberty Global

Bär & Karrer Advises SIG Combibloc Group on its EUR 1.85 Billion Refinancing

SIG Combibloc PurchaseCo S.à r.l., a subsidiary of SIG Combibloc Group, has issued EUR 450 million Senior Unsecured 1.875% Notes due 2023, as well as and EUR 550 million Senior Unsecured Notes 2.125% due 2025. Certain subsidiaries of SIG Combibloc Group have also entered into new sustainability-linked EUR 850 million loan facilities. The net proceeds from these transaction are used to refinance the existing group financing.

Bär & Karrer Advises Tineo on the Acquisition of netrics

Tineo, a portfolio company of Waterland Private Equity, has acquired netrics. netrics is a Swiss based cloud pioneer and managed services provider. The Tineo Group and netrics form a new cloud and ICT service provider in Switzerland. netrics brings to the joint portfolio specialist expertise in digitalization using the public cloud, as well as modern workplace services.

Bär & Karrer Successfully Represented UEFA before the Supreme Federal Court

Bär & Karrer successfully represented the UEFA before the Swiss Federal Tribunal against the club KS Skënderbeu. The Swiss Federal Tribunal confirmed an important CAS decision within the ambit of the fight against game tampering. The club received a 10 year suspension in 2018 from all UEFA club competitions and was fined for EUR 1 million.

Bär & Karrer boosts its Tax Practice with Raoul Stocker as Partner

Bär & Karrer is pleased to announce that it further strengthens the firm with the arrival of Raoul Stocker, who has rejoined Bär & Karrer as partner of 1 June 2020. 

Bär & Karrer Advised Coty Inc. on its Sale of a 60% Interest in its Professional and Retail Hair Business

Coty Inc. and KKR have entered into a strategic transaction for Coty Inc.'s Professional and Retail Hair business, including the Wella, Clairol, OPI and ghd brands, valuing the businesses at USD 4.3 billion on a cash- and debt-free basis. KKR will own 60% of this separately managed entity and Coty Inc. will own the remaining 40%.


Bär & Karrer has Advised SBB on the Sale of a 35% Stake in SBB Cargo

Swiss Federal Railways SBB has sold a 35% stake in SBB Cargo AG to Swiss Combi AG, a joint venture of Swiss logistics service providers. SBB Cargo is Switzerland's leading rail freight transport company.

Bär & Karrer Advises Initial Purchasers in USD 675 Million Notes Offering by Viking

Bär & Karrer advised the initial purchasers in a USD 675 million offering of 13% Senior Secured Notes issued by the Viking Cruise Group. Viking, one of the world’s leading providers of destination-focused travel experiences, is the largest operator of river cruises in Europe, Russia and China, for North American passengers, and offers ocean, lake and river cruises worldwide. The notes are indirectly secured through collateral over 20 Swiss-registered river vessels.

Bär & Karrer Advised the Founders on the Sale of a Majority Stake in the zahnarztzentrum.ch Group

The founders of the zahnarztzentrum.ch Group entered into a share purchase agreement with Medbase, a subisidiary of Migros, regarding the sale of a majority stake of the zahnarztzentrum.ch Group. The transaction is subject to approval by the Swiss merger control authorities.

Bär & Karrer Advises Herkules on the Sale of Odlo to Monte Rosa

The shareholder of Odlo, owned by private equity funds advised by Herkules Capital, has completed the sale of Swiss-based ODLO International AG and its subsidiaries to Monte Rosa Sports Holding AG. Odlo produces premium performance sportswear for year-round active individuals. The brand is distributed in more than 35 countries worldwide.

Bär & Karrer Advises the Shareholders on the Sale of Swissbit Group to Ardian.

The shareholders of Swissbit entered into a share purchase agreement with Ardian regarding the sale of the Swissbit group. Swissbit is a global leader and the only independent European provider of NAND-flash based storage and embedded Internet of Things (IoT) solutions. The transaction is subject to approval by antitrust authorities.

Bär & Karrer Advised Open Systems on the Purchase of BITC

EQT portfolio company Open Systems AG, a secure access service edge (SASE) pioneer, has acquired Born In The Cloud Inc. from its founders. BITC is an US-based leading Microsoft Azure Sentinel cyber security expert complementing Open Systems' Managed Detection & Response (MDR) offering.


Bär & Karrer Advises Saint-Gobain on the Sale of Sika Shares for CHF 2.56 Billion

Saint-Gobain's subsidiary Schenker-Winkler Holding AG ("SWH") successfully sold its 10.75% stake in Sika for CHF 2.56 billion. The shares were placed via a private placement to qualified institutional investors by way of an accelerated book-building process ("ABB").

Bär & Karrer Advises Appway and its Shareholders in Connection with a USD 37 Million Investment

Appway AG, its shareholders and Summit Partners, a global alternative investment firm, entered into an investment and share purchase agreement regarding a USD 37 million minority investment in Appway by Summit. Appway is a Swiss-based leading global provider of business process automation software focused on customer onboarding and customer lifecycle management for financial institutions.

Bär & Karrer Advised Merrill Lynch International and UBS on the Placement of CHF 175 Million 0.275%

Zur Rose Group is the largest e-commerce pharmacy in Europe. On 31 March 2020, Zur Rose Finance B.V. successfully placed CHF 175 million 0.275% bonds due 2025 guaranteed by and convertible into shares of Zur Rose Group AG. The bonds were issued at 100% of their principal amount and will mature on 31 March 2025. The proceeds will be used, among others, to rapidly adjust to the significantly increased levels of demand for vital medication offered by online pharmacies since the beginning of the COVID-19 crisis.

Bär & Karrer Advised Screening Eagle Technologies and its Majority Shareholder on the CHF 55 Million

Screening Eagle Technologies, a cloud-based technology platform connecting sensors, software, and data for intelligent inspection of assets and infrastructure, has raised CHF 55 million in its first institutional round of equity funding.

Bär & Karrer Advised the Banking Syndicate on the Acquisition Financing of ams for Osram

On 3 April 2020, ams AG completed a capital increase by way of a rights offering raising gross proceeds of approximately CHF 1.75 billion. The proceeds will be used to partially finance the acquisition of OSRAM Licht AG. The banking syndicate was led by HSBC and UBS acting as joint global coordinators.

Bär & Karrer Advised on Santhera’s up to CHF 24 Million Equity-Linked Financing

Santhera Pharmaceuticals Holding AG announced that it has entered into an equity-linked financing arrangement with IRIS (France) in the initial gross amount of up to CHF 12 million over 12 months, with the option to extend by another CHF 12 million over another 12 months. This innovative financing instruments provides Santhera with a liquidity line which can be tapped if certain conditions are satisfied.

Bär & Karrer Advises Nouryon on the Divestment of its Redispersible Polymer Powders Business

Nouryon, a global chemical company, divested its redispersible polymer powders (RPP) business, offered under the Elotex brand, to Celanese Corporation.

Bär & Karrer Advised Maxburg Beteiligungen III GmbH & Co. KG on the Acquisition of saracus consult

Maxburg Beteiligungen III GmbH & Co. KG ("Maxburg"), advised by Maxburg Capital Partners has purchased saracus group, an IT consultancy firm based in Germany and Switzerland.

Bär & Karrer Advised Banque Cantonale de Genève on the Increase of the Capital of La Foncière

La Foncière, a real estate fund governed by articles 58 et seq. of the Swiss Collective Investment Schemes Act, completed from 16 to 25 March 2020 an increase by 10% of the number of its units (parts) listed on the SIX Swiss Exchange. The 1'237'107 additional units were fully subscribed to, in spite of most challenging market conditions. These additional units have been listed on 31 March 2020.

Bär & Karrer Advises Shareholders of Solvias in Connection with Investment by Water Street

Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry, announced that it has signed a definitive agreement to invest in Solvias AG, one of the largest independent pharmaceutical laboratory platforms in Europe.

Bär & Karrer Advises Novartis on the Financing of the Acquisition of The Medicines Company

In connection with the acquisition of NASDAQ-listed biopharmaceutical company The Medicines Company for USD 9.7 billion, Novartis AG and Novartis Finance Corporation entered into a USD 7 billion short-term (bridge) credit agreement and completed a USD 5 billion four-tranche SEC-registered bond offering. Bär & Karrer acted as Swiss legal advisor to Novartis in this transaction.

Bär & Karrer Advised Open Systems on the purchase of Sqooba

EQT portfolio company Open Systems AG, a secure access service edge (SASE) pioneer, has acquired Sqooba (Schweiz) AG from its founders. Sqooba is a Swiss-based leader in big data analytics.

Bär & Karrer Advises la Mobilière on the Acquisition of a 25% Stake in Ringier

La Mobilière acquires a stake of 25% of the shares in Ringier AG. The share purchase is to be completed in the first half of 2020.

Bär & Karrer Advises Migros-Genossenschafts-Bund on the Sale of Globus

Migros-Genossenschafts-Bund (MGB) sold Magazine zum Globus AG along with eight associated real estate properties to a joint venture of SIGNA and CENTRAL Group. SIGNA and CENTRAL jointly own Germany’s KaDeWe Group and CENTRAL Group currently owns Italy’s Rinascente and Denmark’s Illum, all leading luxury department stores in Europe. The transaction is subject to approval by the competent merger control authorities.

Bär & Karrer Advised the von Finck Family on the Placement of SGS Shares

The von Finck family successfully placed 960,000 shares (approx. 12.7%) in SGS SA by way of an accelerated bookbuilding process. The overall transaction volume amounts to CHF 2.3 billion. In light of its long-term investment strategy and planning, the family decided to divest a majority of its stake in SGS.

Bär & Karrer Advises CSS on the Sale of its Corporate Business to Zurich

CSS Versicherung AG is selling its corporate business to Zurich Switzerland. Approximately 30,000 customers of CSS Versicherung with policies in the mandatory accident insurance under the Federal Law on Accident Insurance, supplementary accident insurance under the Federal Law on Insurance Contracts, and collective daily sickness benefit insurance under the Federal Law on Insurance Contracts will transfer to Zürich Versicherungs-Gesellschaft AG. Further, 68 employees of CSS will change to Zurich Switzerland. With this transaction, CSS is creating the conditions for focusing on its core business in the future and advancing its position as a health partner. The transaction is subject to approval by the Swiss Financial Market Supervisory Authority (FINMA) and merger control clearance by the Competition Commission (COMCO).

Bär & Karrer Advises Waters on the Acquisition of Andrew Alliance

Waters Corporation, a leading specialty measurement company, has announced the acquisition of Andrew Alliance, a Switzerland based company specializing in laboratory automation technology.

Bär & Karrer Advises Far Point Acquisition Corporation on the Announced Business Combination with G

Far Point Acquisition Corporation (NYSE: FPAC; "Far Point"), a special purpose acquisition company (SPAC) co-sponsored by the institutional asset manager Third Point LLC, and Swiss-based Global Blue, a strategic technology and payments partner empowering global merchants to capture the growth of international shoppers, have announced that they will merge, as a result of which Global Blue will become a publicly traded company on the New York Stock Exchange. The new public company will be incorporated in Switzerland. Far Point and new investors, including Ant Financial Services Group, the operator of Alipay, will invest a total of approximately USD 1.0 billion reflecting a total enterprise value of EUR 2.3 billion of Global Blue. The transaction is subject to customary closing conditions.

Bär & Karrer Advises on SHL Medical Minority Investment

The majority shareholder of SHL Medical AG and EQT VIII Fund have entered into an agreement regarding the acquisition of a minority stake in SHL Medical.

Bär & Karrer Advises AON Schweiz on the Acquisition of Assimedia

In January 2020, AON Schweiz AG, a leading global service provider for risk management, insurance and reinsurance brokers as well as adviser on human resources, has acquired 100% of the shares of Assimedia SA, an all-branch insurance broker based in Locarno, Switzerland. This transaction will allow AON Switzerland to extend its market presence, by expanding its insurance and re-insurance broking business in the Italian speaking part of Switzerland.

Bär & Karrer Advises Syngenta on the Sale and Leaseback of its Global R&D Center in Stein

Syngenta sold its global R&D center in Stein/Sisseln (AG) in a 30-year sale and leaseback. The site of 180'000 sqm was acquired by Schroder ImmoPlus, a fund managed by Schroders.

Bär & Karrer Advised DHL on the Sale of its Swiss Supply Chain Business to Fastlog

DHL Logistics (Schweiz) AG sold its Swiss supply chain business to Fastlog AG, a Swiss service and logistics provider.

Bär & Karrer Advises Hg on the Acquisition of P&I

07.01.2020 Private equity investor Hg has acquired Personal und Informatik AG (P&I), a leading provider of cloud-based HR software. The company was sold by funds advised by Permira, the global private equity firm, who remain invested with a substantial minority stake. The transaction represents the 4th investment from the Hg Saturn 1 Fund, which had its first close in early 2018 and focuses on software businesses with enterprise values of more than GBP 1 billion.

Bär & Karrer Advises Terna on its Acquisition of Brugg Kabel

Terna, an Italian listed company operating the biggest electricity transmission grid in Europe, purchased from BRUGG GROUP 90% of the shares in Brugg Kabel, which is producing industrial cables and provides related services.

Bär & Karrer Advised Polhem Infra on its Investment in Solör Bioenergy

Polhem Infra, a company formed in 2019 by the First, Third and Fourth AP Fund (Swedish National Pension Funds), acquired 21 per cent of the shares in Solör Bioenergi Holding from existing shareholders. Solör Bioenergy is a leading provider of renewable energy based on wood fuel and district heating in Sweden and Norway.

Bär & Karrer Advises ALTANA on the Acquisition of Schmid Rhyner

The German specialty chemicals group ALTANA is taking over the Swiss overprint varnish specialist Schmid Rhyner AG from Swiss listed Conzzeta AG. Schmid Rhyner, founded in 1880 and employing around 80 people, specializes in print finishing solutions and sells its products in over 100 countries worldwide.

Bär & Karrer Advises Elvaston Capital Management on its Acquisition of Informing

Elvaston Capital Management GmbH, an entrepreneur-led private equity firm, purchased all shares in Informing AG through its acquisition vehicle Step Ahead Group GmbH. Informing develops and supports business software (ERP) and provides professional IT-Services.

Bär & Karrer Advises Ardian on the Sale of the Competence Call Center Group

Ardian and other sellers agreed to sell the Competence Call Center Group to TELUS International.

Bär & Karrer Advises Pharmalys Holding Invest on the Purchase of the Majority Interest in the Pharm

Pharmalys Invest Holding AG, which is controlled by Amir Mechria, owned49% of Pharmalys Laboratories SA, Pharmalys Africa Sarl and Pharmalys TunisiaSA and has now purchased the remaining 51% of the shares in these companiesfrom Hochdorf Holding AG.

Bär & Karrer Advises Valyo on Innovative Capital Market Platform

Valyo AG, a subsidiary of Raiffeisen Switzerland, has developed an innovative digital platform for issuances of exchange listed bonds geared towards institutional investors. The Valyo platform, intended to be launched in the first quarter of 2020, enables issuers to carry out all steps from the initial registration of a planned issuance through the book building process to closing and listing of the bond issuance in an integrated digital process.

Bär & Karrer Advises Priora Suisse on the Sale of a Real Estate Portfolio

Priora Suisse AG sold a total of 36 properties (buildings and land) to the Flughafen Zürich AG, which are located directly adjacent to the airport perimeter. The properties include, amongst others, hangars, the catering building including car parking and multiple buildings for engine maintenance.

Bär & Karrer Advises Capvis on Purchase of Tertianum Group from Swiss Prime Site

Capvis, a leading Swiss investment firm, has agreed to acquire the Tertianum group from Swiss Prime Site AG. Tertianum is a market leader for elderly care and assisted living in Switzerland with over 80 residential and care centres as well as residences distributed throughout Switzerland.

Bär & Karrer Advises BVK and UI on the Purchase and Financing of a Swiss Real Estate Portfolio

Bayerische Versorgungskammer (BVK), Germany's largest public pension group, acquired, through a fund managed by Universal-Investment (UI), a real estate portfolio comprising of 14 mainly commercial properties in Switzerland, partially financed by a banking syndicate. With this transaction, BVK enters the Swiss real estate market.

Bär & Karrer Advises the Managers in the Rights Offering of Kuros Biosciences

On 6 December 2019, Kuros Biosciences, a life science company focusing on the development and marketing of orthobiologics, completed a capital increase by way of a rights offering to its shareholders. 36.3% of the shareholders of Kuros Biosciences exercised their subscription rights in the rights offering. 2,818,718 of the remaining shares not subscribed were preferably allocated to Optiverder B.V. and further remaining shares were placed in the market. The offer price was set at CHF 1.95 per share.

Bär & Karrer Advises MET Group on the Sale of a 20% Stake in MET Holding

Keppel Infrastructure Holdings Pte Ltd, through Keppel Energy Switzerland Holding AG, an indirect wholly owned Keppel Infrastructure subsidiary to be incorporated in Switzerland, is acquiring a 20% stake in MET Holding AG, an integrated European energy company headquartered in Switzerland. In addition, the two companies will enter into a strategic partnership to jointly explore investment opportunities focusing on European energy infrastructure assets. The transaction is subject to customary merger clearance requirements.

Bär & Karrer wins Mergermarket award for Switzerland M&A Legal Adviser of the Year 2019

At the Mergermarket European Awards Ceremony held in London on 4 December 2019, Bär & Karrer was recognized as "Switzerland M&A Legal Adviser of the Year" for the second time in a row.

Bär & Karrer Advises Summer Capital on Strategic Partnership regarding Swiss Education Group

Summer Capital, an Asia based investment company, has entered into a strategic partnership regarding Swiss Education Group Holding AG through a sale and reinvestment transaction. Swiss Education Group Holding is the holding company of Swiss Education Group, a leading hospitality management education group that operates numerous schools in Switzerland.

Bär & Karrer Advised Verium on the Acquisition of a Significant Minority Stake in DSwiss

A group of investors represented by the multi-family office Verium AG acquired a significant minority stake in DSwiss AG, a provider of highly secure digital services.

Bär & Karrer Advises xFarm in Series A Financing Round

The Swiss start-up company xFarm raises EUR 3 million in a financing round involving United Ventures and TiVenture. xFarm SA operates a SaaS (Software as a Service) platform that aims to facilitate the digitalization of agricultural businesses, simplifying data collection and analysis, improving the efficiency and sustainability of agricultural fields.

Bär & Karrer Advised the Canton of Geneva on Green Bond Issuance

On 28 November 2019 the Canton of Geneva issued green bonds listed on the SIX Swiss Exchange in an aggregate amount of CHF 660 million. The issuance was made according to the Green Bond Principles published by the International Capital Market Association, and divided into three respective tranches of CHF 175 million with a maturity in 2028, CHF 200 million with a maturity in 2039 and CHF 285 million with a maturity in 2032.


Bär & Karrer Advised Jacobs Holding on the Placement of Barry Callebaut Shares

Jacobs Holding AG successfully placed 550,000 shares (approx. 10%) in Barry Callebaut AG by way of an accelerated bookbuilding process and a simultaneous private placement. Jacobs Holding thus diversified its portfolio while remaining Barry Callebaut's reference shareholder with a stake of approximately 40%. Jacobs Holding is an investment company founded by entrepreneur Klaus J. Jacobs. The only economic beneficiary of Jacobs Holding is the Jacobs Foundation, one of the world's leading charitable foundations for the promotion of development opportunities for children and young people.


Bär & Karrer Advised Xonnel on the Sale of Küchler

Xonnel AG sold its timber trading business "Küchler" to Woodpecker Holding AG, a group of leading timber trading companies in Switzerland. Küchler is a heritage brand in the timber trading sector since 1832.

Bär & Karrer Advises Banque Cantonale de Genève on the Placement of CHF 135 Million Additional Tie

Banque Cantonale de Genève successfully completed the placement of CHF 135 million perpetual additional tier 1 subordinated bonds. The additional tier 1 subordinated bonds were issued at 100% of their nominal amount with an interest of 1.875%. Banque Cantonale de Genève, UBS AG, Bank Vontobel AG and Bank J. Safra Sarasin acted as Joint Lead Managers.


Bär & Karrer Advised the Sellers of 3 Plus Group

The owners of 3 Plus Group sold the Swiss broadcasting group to CH Media, one of the largest media companies in Switzerland.Bär & Karrer acted as legal advisor to the sellers in this transaction.

Bär & Karrer Advises Farner Consulting on the Acquisition of Rod Kommunikation

Farner Consulting has acquired Rod Kommunikation, a Zurich-based communication agency.

Bär & Karrer Advises Blackstone on the Acquisition of the European Distribution Business of CRH plc

Private equity funds managed by Blackstone acquired the European distribution business of CRH plc, a global leading group in the building material industry, from CRH plc for an enterprise value of €1.64 billion.

Bär & Karrer wins Nora Teuwsen as Partner and member of its management

Bär & Karrer is pleased to announce that it further strengthens the firm with the arrival of Nora Teuwsen, who has decided to join Bär & Karrer as partner and member of the management as of 1 January 2020.

Bär & Karrer Advises Tineo on the Acquisition of nexellent

Tineo, a portfolio company of Waterland Private Equity, has acquired nexellent. Both Tineo and nexellent are providers of IT infrastructure and related services. The nexellent management has reinvested into the Tineo group. Bär & Karrer acted as legal advisor to Tineo in this transaction.

Bär & Karrer Advised the Seller of the Specken Drumag Group

The Specken Drumag group has been sold by its owner to Halder Beteiligungsberatung GmbH, an independent German investment company. The Specken Drumag group has more than 100 years of experience as a developer and producer of systems and solutions in the pneumatics, hydropneumatics, hydraulics and proportional technology sector and is present in Switzerland, Germany and Lithuania.

Bär & Karrer awarded by Mergermarket as “Switzerland M&A Legal Adviser of the Year 2018”

At this year's Mergermarket European Awards Ceremony on 6 December 2018 in London, Bär & Karrer has been awarded as the "Switzerland M&A Legal Adviser of the Year 2018".

Mergermarket, an independent mergers and acquisitions intelligence and data service, honors the work of leading law firms and financial advisers across Europe every year. The selection is based on a comprehensive analysis of transaction data from the Mergermarket's M&A deals database with consideration of key criteria such as complexity, structure as well as groundbreaking and strategic nature of the deals. The judging panel including leading European M&A practitioners chose Bär & Karrer already for the fourth time from among six shortlisted law firms that were particularly active in the Swiss M&A market in 2018.


Bär & Karrer advises E. Schubiger & Cie. in the Sale of a Development Property

E. Schubiger & Cie. AG sold its weaving mill site in Uznach, Switzerland to Fortimo Group AG. The development project that will be realized in and around the historic factory building comprises 130 rental and condominium apartments, 6,000 sqm of office and retail area and as well as 280 parking spaces.

Bär & Karrer advised E. Schubiger & Cie. as seller in this transaction. The team included Corrado Rampini and Oliver Rüdlinger (both real estate).


Bär & Karrer Advises the Sellers of Astes4 SA

The owners of Astes4 SA, a company based in Balerna, Switzerland, which is engaged in development, production and sales of patented automated sorting solutions for sheet metal laser processing machines, sold their interests in the company to Mitsubishi Electric Corporation. Mitsubishi Electric is active in the manufacture, marketing and sales of electrical and electronic equipment used in information processing and communications, space development and satellite communications, consumer electronics, industrial technology, energy, transportation and building equipment. By acquiring Astes4, Mitsubishi Electric will further strengthen its lineup of automation systems together with sorting solutions for sheet metal laser processing machines to provide its valued customers with integrated solutions that require less manual loading, unloading and sorting to realize higher productivity and efficiency.

Bär & Karrer acted as legal advisor of the Sellers of Astes4 SA in this transaction. The team included Paolo Bottini and Edoardo Buzzi (both M&A).


Bär & Karrer Advises Bank Cler in Connection with the Public Tender Offer by Cantonal Bank of Basel

On 20 June 2018, the Cantonal Bank of Basel, which already holds 77.52% of the share capital and the voting rights of Bank Cler Ltd., published the preannouncement for a public tender offer for all publicly held bearer shares of Bank Cler, which is listed on the SIX Swiss Exchange. Subsequently, Bank Cler concluded a transaction agreement with the Cantonal Bank of Basel regarding the public tender offer. The Cantonal Bank of Basel offers CHF 52 per share of Bank Cler. Taking into consideration the results of the Fairness Opinion of an independent Expert, the board of directors of Bank Cler recommends to its shareholders to accept the offer.

Bär & Karrer advises Bank Cler in connection with this transaction. The team of Bär & Karrer includes Urs Brügger, Dieter Dubs, Fabienne Perlini and Marc Poltéra (all M&A).


Bär & Karrer Advises Constellium on the Sale of Rolling Business Assets in Sierre, Switzerland, to

On 23 July 2018, Constellium Valais SA, a company of the Constellium group engaged in the aluminium plate and extrusions businesses for industry, aerospace and transportation applications, successfully completed the sale of its aluminium rolling business assets in Sierre, Switzerland, to Novelis Switzerland SA for EUR 200 million. The assets, consisting of real estate, machinery and equipment, were previously leased by Constellium Valais to Novelis Switzerland and both parties will continue to operate in Sierre following the transaction. Concurrently with the asset sale, Constellium Valais contributed the Sierre site's shared infrastructure to a newly established 50-50 joint venture with Novelis Switzerland.

Bär & Karrer acted as legal advisor to Constellium Valais in this transaction. The team included Peter Hsu, Daniel Flühmann, Thomas Rohde, Urs Kägi, Daniel Küpfer, Marcel Züger, Annina Hammer, Tiffany Ender and Matthias Tanner (all Corporate), Corrado Rampini, Charles Gschwind and Grégory Pauli (all Real Estate), Mani Reinert (Competition), Laura Widmer (Employment), Ruth Bloch-Riemer (Pension), Raima Sherifoska (Notarial Services) as well as Nadja Jaisli Kull and Kaspar Projer.


Bär & Karrer Successful in Appeal Proceedings before the Federal Administrative Court Against the F

On 11 May 2016, the French tax authorities requested administrative assistance from the Swiss Federal Tax Administration. The request was made based on lists containing several thousand UBS Switzerland AG account numbers which are or were held by persons presumed to be French residents for tax purposes. The French tax authorities were asking for Switzerland to provide names and dates of birth of the persons connected to the accounts as well as the account balances. UBS Switzerland AG (which the Federal Administrative Court ("FAC") had granted party status in its judgment A-4974/2016 of 25 October 2016) and private individuals directly affected lodged appeals with the FAC against the Federal Tax Administration’s final decisions, which were issued on 9 February 2018.

Bär & Karrer Advises BZ Bank on Purchase of United Grinding Group

BZ Bank Aktiengesellschaft, through its acquisition company LEMRO AG, purchased the United Grinding Group from Körber Beteiligungen GmbH. The United Grinding Group is one of the world's leading suppliers of precision grinding machines.


Bär & Karrer advised PSP Swiss Property on Sale of a Commercial Property

PSP Swiss Property sold a commercial property in Petit-Lancy, Geneva. The property at the Av. des Morgines 8/10 (approx. 14'000 m2 of rentable space) was sold for CHF 55 million to an affiliate company of Epic Suisse AG.


Bär & Karrer Advises Credit Suisse and Goldman Sachs in a Combined Offering on the Placement of Sha

Idorsia Ltd successfully placed 11,912,000 new shares by way of an accelerated bookbuilding in a private placement with institutional investors. The placed shares are sourced from the company's existing authorized share capital and the pre-emptive rights of the existing shareholders have been excluded. The offer price was set at CHF 25.62 per share. Additionally, Idorsia successfully placed CHF 200 million of senior unsecured convertible bonds due 2024 in a private placement with institutional investors.


Bär & Karrer Advises Vontobel on the Placement of CHF 450 Million Tier 1 Bonds to fund the acquisit

Vontobel Holding AG successfully completed the placement of CHF 450 million perpetual additional tier 1 subordinated bonds. The additional tier 1 subordinated bonds were issued at 100% of their nominal amount with an interest of 2.625% until 2023. The proceeds of this capital market transaction will be mainly used to finance the acquisition of Notenstein La Roche Private Bank.


Bär & Karrer Advised Swiss Re in the Offering of USD 500 Million Senior Exchangeable Notes with Iss

Swiss Re Ltd (Swiss Re) has completed an offering of USD 500 million, 6-year senior exchangeable notes, which may be stock settled at the option of Swiss Re or may be exchanged at the option of noteholders for registered shares of Swiss Re, unless Swiss Re elects to settle the exchange of notes in cash. Swiss Re has purchased call options on its own shares, which allow it to settle an exchange by noteholders without issuing new shares.


Bär & Karrer Advises Credit Suisse and Bank Berenberg in the IPO of Klingelnberg

Klingelnberg Ltd, a global leader in developing and manufacturing premium machine tools for bevel gear and cylindrical gear machining and precision measuring centers for gears, successfully priced its IPO and listed its shares on the SIX Swiss Exchange. Trading in the shares started on 20 June 2018. The shares of Klingelnberg were priced at CHF 53 per share, near the upper end of the price range, corresponding to a base offer of CHF 241 million. The offer price implies a market capitalization of approx. CHF 470 million leading to a free float of 56.6% (assuming full exercise of the over-allotment option), whereas the remaining 43.4% remain with the Klingelnberg family as anchor shareholder.


Bär & Karrer Advises Summer Capital on the Acquisition of Swiss Education Group

Summer Capital, an Asia based investment management company, has acquired, by means of an affiliate, all shares of Swiss Education Group Holding AG, the holding company of the SEG group, a leading hospitality management education group that operates several schools in Switzerland.


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 acted as legal advisor to XO Holding. The team included Ralph Malacrida, Faton Aliu (both M&A), Mani Reinert (Competition), and Daniel Lehmann (Tax).


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.


Bär & Karrer Advises Vyaire Medical on its Acquisition of Acutronic Medical Systems

Vyaire Medical, Inc., a global leader in respiratory care, acquired all shares in the Acutronic Medical Systems group, a Switzerland and Germany-based leader in the design and manufacture of neonatal ventilation equipment.


Bär & Karrer Advises Porterhouse on the Acquisition of the Clinic Group Paracelsus

Porterhouse Group AG, a family owned investment holding company based in Lucerne, has been accepted by the creditors’ committee to acquire the clinic group Paracelsus. The clinic group Paracelsus is a private hospital operator with 40 facilities in 22 locations. Completion is subject to the approval of the insolvency plans by the creditors’ committees and merger control approval by the German Federal Cartel Office.


Bär & Karrer Advises Deutsche Börse on the Acquisition of Swisscanto Funds Centre

Clearstream International S.A., a subsidiary of Deutsche Börse, acquired all shares in the London based Swisscanto Funds Centre Limited. The deal allows Clearstream to expand its services in the funds space with the management of distribution contracts and data processing. The purchase agreement was signed on 23 April 2018. The transaction is expected to close within the third quarter of 2018, subject to approval of the relevant authorities.


Bär & Karrer Awarded M&A Deal of the Year by IFLR

Bär & Karrer was awarded "M&A deal of the year" on the IFLR European Awards in London last night.

Based on a comprehensive analysis, Bär & Karrer received the award for the M&A Deal of the Year for the merger of ChemChina and Syngenta. The deal is considered as one of the largest all cash transactions ever. Bär & Karrer acted in this transaction as adviser to Syngenta. The team was led by Rolf Watter, Partner and Head of Mergers & Acquisitions.


Bär & Karrer Advised Copernicus Holding on the Establishment of its Structure and Obtaining a FINMA

Copernicus Group is a financial service provider in the canton Ticino for institutional and private UHNWI clients, offering also family office and wealth planning services. The group consists of Copernicus Asset Management SA and Copernicus Wealth Management and Services SA. On 20 March 2018, Copernicus Asset Management started operating as a fully licensed Swiss asset manager of collective investment schemes.


Bär & Karrer Advises Allianz Suisse on the Acquisition of DAS Switzerland

On 3 April 2018, Allianz Suisse Versicherungs-Gesellschaft AG has acquired all shares in DAS Rechtsschutz-Versicherungs-AG. Through this acquisition Allianz Swiss becomes one of the largest providers of legal protection insurance in the Swiss market.


Bär & Karrer Advises XO Holding on Sale of Priora to Eiffage Construction

XO Holding AG sold Priora AG, a leading Swiss project developer and general / total contractor (GC/TC), to Eiffage Construction SA, a French company forming part of the Euronext listed Eiffage group.


Bär & Karrer Advised Axcel on the Acquisition of Invima

The Danish private equity company Axcel has acquired all shares in Invima AB, a Swedish corporation, with its subsidiaries including two Swiss subsidiaries. Under the IsaDora brand, Invima AB is one of the Nordic region's leading manufacturers and distributors of cosmetics, with sales in approximately 5,000 stores in forty different countries. The seller Ingvar Vigstrand with family will remain as a minority owner in the new group.


Bär & Karrer Welcomes New Tax Counsel

Bär & Karrer is pleased to announce Prof. Dr. Andrea Opel as a new counsel to the firm. She joined the tax team in Zurich on 1 March 2018.

Andrea Opel studied Law at the University of Basel and then worked as academic assistant before completing her doctorate in 2008. She habilitated in 2015 at the University of Basel. Besides her counsel role at Bär & Karrer, Andrea Opel continues to act as professor for tax law at the University of Lucerne. She is a member of the board of the Institute of Business Law at University of Lucerne as well as a member of the Swiss Association of Tax Law Professors.


Bär & Karrer Advised Orior on the Placement of Shares by Way of an Accelerated Bookbuilding

Orior AG successfully placed 592,499 new shares by way of an accelerated bookbuilding in a private placement with institutional investors. The placed shares are sourced from the company's existing authorized share capital and the pre-emptive rights of the existing shareholders have been excluded.


Bär & Karrer Advised HQLAx on the first Live Securities Lending Transaction Using R3’s Corda Blockc

On 1 March 2018, financial technology innovator HQLAx together with Credit Suisse and ING completed the first live securities lending transaction using R3's Corda blockchain platform. The transaction included a basket swap between Credit Suisse and ING of value EUR 25 million using the HQLAx Corda-based collateral lending application. During the transaction, Credit Suisse and ING transferred legal ownership of Dutch and German government securities on the platform using HQLAx Digital Collateral Records (DCRs) while the underlying securities remained static.


Bär & Karrer Advises Novartis on the Placement of EUR 2,250,000,000 Guaranteed Notes

Novartis Finance S.A. completed the placement of EUR 750,000,000 Guaranteed Notes due 2023, EUR 750,000,000 Guaranteed Notes due 2030 and EUR 750,000,000 Guaranteed Notes due 2038. The 2023 Notes were issued at 99.655% of their principal amount with an interest of 0.500% and will mature on 14 August 2023 at their nominal value. The 2030 Notes were issued at 99.957% of their principal amount with an interest of 1.375% and will mature on 14 August 2030. The 2038 Notes were issued at 99.217% of their principal amount with an interest of 1.700% and will mature on 14 August 2038. The Notes are guaranteed by Novartis AG. They have been provisionally admitted to trading at the SIX Swiss Exchange and are expected to be listed there as well.


Bär & Karrer Advises EGSB on the Purchase of a Majority Stake in Bauwerk Boen

EGS Beteiligungen AG (EGSB) has acquired all shares in Bauwerk Boen AG held by ZM Opportunity II L.P. (a fund advised by Patrimonium Private Equity) and is thus majority shareholder of the company. The Bauwerk Boen Group is a leading manufacturer of premium parquet flooring.


Tamedia Announces Public Tender Offer for Goldbach Group

Tamedia AG announces an all cash public tender offer for all publicly held shares of Goldbach Group AG listed on the SIX Swiss Exchange. Tamedia offers CHF 35.50 per share of Goldbach Group, representing a transaction amount of around CHF 216 million. The board of directors of Goldbach Group recommends to its shareholders to accept the offer.

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Bär & Karrer Advises AON Schweiz on the Acquisition of Unidelta

On 30 November 2017, AON Schweiz AG, a leading global service provider for risk management, insurance and reinsurance brokers as well as adviser on human resources, has acquired 100% of the shareholding in Unidelta AG, an all-branch insurance broker based in Rapperswil, Switzerland. Unidelta is specialized in risk management and has particular designed services in personal injury management.


Bär & Karrer Advises the Sellers of AWK Group

The owners of AWK Group AG sold the company to Deutsche Private Equity GmbH, an independent German investment company. AWK Group is one of the largest independent Swiss consulting firms for information technology and digitalization.


Bär & Karrer Advises Valora on its Rights Offering

Valora Holding AG completed a capital increase raising net proceeds of approximately CHF 166 million. The capital increase was executed as an "at market" rights offering. The offer price for the new shares was determined following a bookbuilding process for the shares not taken up by existing shareholders. Valora will use the proceeds from the capital increase to refinance its recent acquisition of BackWerk, to finance the expansion of production capacities, to refinance existing capital market instruments and for general corporate purposes. Credit Suisse and J.P. Morgan acted as Joint Global Coordinators and Joint Bookrunners.


Bär & Karrer Advised KKR on a Follow-On Investment in GetYourGuide

KKR, a leading global investment firm, together with other investors, has closed an investment to increase its minority stake in GetYourGuide AG. GetYourGuide is the world's largest online platform for tours, activities and attractions and offers over 31,000 activities in nearly 7,300 destinations.


Bär & Karrer Advises Talbot Holding on its Public Tender Offer for ImmoMentum

On 29 August 2017, Talbot Holding AG, an entity controlled by investment company Actium AG, launched an all cash public tender offer for all listed shares in ImmoMentum AG, a Swiss real estate company listed on BX Berne eXchange invested primarily in residential real estate. With the satisfaction of all offer conditions, the offer was successfully settled on 10 November 2017. As a result, Talbot Holding holds 99.67% of the voting rights and share capital of ImmoMentum.


Bär & Karrer Advises Muhr und Bender on the Sale of its Stake in Feintool

On 3 October 2017, Dr. Thomas Muhr and Muhr und Bender KG sold their entire stake in Feintool International Holding AG (Feintool) amounting to 616,500 shares of Feintool corresponding to 13.81% of the total share capital of Feintool. The shares were sold to institutional investors through an accelerated bookbuilding process led by Bank Berenberg.


Bär & Karrer Advises Orior on the Placement of a CHF 110 Million Inaugural Bond Issue

Orior AG successfully completed the placement of its CHF 110 million inaugural bond issue. The bonds carry a coupon of 0.625% and will mature on 26 September 2023 at par. They have been provisionally admitted to trading at the SIX Swiss Exchange and are expected to be listed there as well. The issue was lead-managed by UBS AG and Zürcher Kantonalbank.


Bär & Karrer Advises Valora on the Acquisition of BackWerk

Valora has signed an agreement to acquire BackWerk from Swedish financial investor EQT. BackWerk is a German-based food service company with over 340 locations mainly in Germany, Austria and the Netherlands. Completion is subject to merger control approval.


Temasek Holdings (Private) Limited, an investment company based in Singapore, sold its stake in Dufr

Temasek Holdings (Private) Limited, an investment company based in Singapore, sold its stake in Dufry AG through its indirect wholly owned subsidiary to the HNA Group.

Bär & Karrer acted as legal advisor to Temasek. The team included Thomas U. Reutter, Roland Truffer, Annette Weber and Rebecca Schori (all M&A).


Bär & Karrer Advised Cummins on its Joint Venture with Eaton

The global power leader Cummins Inc. announced that it successfully completed the formation of a joint venture with the power management company Eaton, concerning the design, manufacture, sale and support of automated transmissions for heavy-duty and medium-duty commercial vehicles (named Eaton Cummins Automated Transmission Technologies). As part of the transaction, the Swiss company Eaton Cummins Automated Transmission Technologies Sàrl was formed earlier this year and Cummins acquired a 50% participation on 31 July 2017.


Bär & Karrer Advised Jacobs Holding on the Acquisition of a Majority Stake in OdontoSalute

Colosseum Dental Group, a fully owned portfolio company of Jacobs Holding AG, has acquired 70% of OdontoSalute, an Italian dental clinics group providing dental treatments of any kind through a national network. Colosseum is a leading provider of private dental care in the Scandinavian area, which is now operating in more than 150 clinics in Norway, Sweden, UK, Switzerland, Italy and Denmark and aiming at building a leading pan-European dentistry group. With this acquisition, Colosseum further expands into continental Europe and becomes one of the leading dentistry clinic operators in Italy.


Bär & Karrer Advised the Sellers of Rotronic

The owners of Rotronic AG, which develops and manufactures measuring technologies, sold the company to funds managed by Battery Ventures.

Bär & Karrer acted as legal adviser to the sellers in this transaction. The team included Christoph Neeracher, Thomas Rohde, Philippe Seiler, Yves Suter and Sarah Nyfeler (all M&A), Susanne Schreiber and Cyrill Diefenbacher (both tax) as well as Corrado Rampini and Charles Gschwind (both real estate).


Bär & Karrer Advises CliniSciences on the Acquisition of BIOTREND Chemicals

On 13 June 2017, CliniHolding S.à r.l. (CliniSciences) acquired the entire stake in BIOTREND Chemicals AG (BIOTREND) from its founders. BIOTREND is a leading distributor of high-quality reagents and biochemicals for the life science research community in Switzerland, Germany and USA.


Bär & Karrer Advises Banque Cantonale de Genève on the Placement of CHF 200 Million Additional Tie

Banque Cantonale de Genève successfully completed the placement of CHF 90 million perpetual additional tier 1 subordinated bonds and CHF 110 million tier 2 subordinated bonds due 2027. The additional tier 1 subordinated bonds were issued at 100% of their nominal amount with an interest of 2.00%. The tier 2 subordinated bonds were issued at 100.024% of their nominal amount with an interest of 1.125% and will mature on 28 June 2027 at their nominal amount. Both bonds have been provisionally admitted to trading at the SIX Swiss Exchange and are expected to be listed there as well. UBS AG, Zürcher Kantonalbank and Banque Cantonale de Genève acted as Joint Lead Managers.

Bär & Karrer wins Europe Women in Business Law Award

Bär & Karrer is pleased to announce that partner Tina Wüstemann, who heads the private clients team, won the title 'Best in trusts & estates' at the Europe Women in Business Law Awards ceremony on 15 June 2017 in London. This is the second time Tina Wüstemann wins this award. In addition, partner and dispute resolution specialist Nadja Jaisli Kull was shortlisted as 'Rising Star Litigation'.


Bär & Karrer Advises Groupe Acrotec on its Placement of CHF 70 Million 3.75% Bonds

Groupe Acrotec SA, a high precision manufacturer of small components and specialised service provider for the watchmaking and industrial sectors, has completed the placement of CHF 70 million 3.75% bonds due 2023. The bonds were issued at 100% of their principal amount and, unless previously redeemed or repurchased and cancelled, will mature on 14 June 2023 at 100% of their principal amount. The bonds are guaranteed by a number of subsidiaries of the issuer, among them Finacrotec SA, which as substitute guarantor fulfills certain requirements under the listing rules of SIX Swiss Exchange in the place of the issuer. Credit Suisse AG acted as Lead Manager and Bookrunner.


Bär & Karrer Advised UBS on its Shared Services Transfer to UBS Business Solutions AG

Through a series of transactions which were completed for the most part in early June, UBS AG and other UBS group companies transferred group shared services functions, which are mainly based in Switzerland, in the UK and the US, to UBS Business Solutions AG and other related service companies. UBS Business Solutions AG now operates as the group service company of UBS and is a wholly owned subsidiary of UBS Group AG. The implementation of UBS Business Solutions AG enables UBS to maintain operational continuity of critical services should a recovery or resolution occur. It represents an important step towards improved resolvability, and is in line with global guidance defined by the Financial Stability Board.


Bär & Karrer Advises Huntsman Corporation on All-stock Merger of Equals with Clariant

On 22 May 2017, SIX Swiss Exchange (SIX) listed Clariant AG and Huntsman Corporation, which is listed on the New York Stock Exchange (NYSE), announced that their Boards of Directors approved a definite agreement to combine in a cross-border merger of equals through an all-stock transaction. The combination of both companies will create a leading global specialty chemical company with a combined enterprise value of approximately USD 20 billion at announcement.


Bär & Karrer boosts Tax Practice with new Partner in Geneva

Bär & Karrer announces that Christoph Suter has been elected as partner to lead the tax practice in Geneva as of 1 October 2017.


Bär & Karrer Successful in Large Arbitration Proceeding

Bär & Karrer successfully defends the interests of its long standing client EnBW Energie Baden-Württemberg AG in a CHF 1 billion ad hoc-arbitration proceeding in Zurich instituted by a German entrepreneur four years ago. In its final award, the tribunal dismissed the plaintiff's claim in its entirety and awarded Bär & Karrer's client full compensation for its legal costs.

Bär & Karrer's team led by Matthew Reiter and included Cinzia Catelli, Alain Grieder, Roman Huber and David Liatowitsch.


Bär & Karrer Advises CVC on the Acquisition of a Majority Stake in Breitling

CVC Fund VI has agreed to acquire an 80% stake in Breitling, a leading independent, family-owned manufacturer of Swiss luxury watches. As part of the transaction, Théodore Schneider will re-invest for a 20% shareholding in Breitling. Closing of the transaction is subject to approval by the relevant competition authorities.

Bär & Karrer acted as Swiss legal advisor to CVC in this transaction. The team included Christoph Neeracher, Luca Jagmetti, Beda Kaufmann, Philippe Seiler, Yves Suter, Charles Gschwind, Célia Jimenez, Sabrina Schalcher and Raphael Egger (all M&A), Till Spillmann and Adrian Koller (both Financing), Susanne Schreiber and Laurent Riedweg (both Tax), Markus Wang and Jonas Bornhauser (both IP) as well as Mani Reinert (Competition).


Bär & Karrer Advises EQT and Kuoni Group on the Combination of Kuoni’s GTA Business with Hotelbeds

Kuoni Travel Holding Ltd, owned by EQT VII, a fund of the private equity group EQT, and the Kuoni and Hugentobler Foundation, has entered into a binding agreement on the sale of its GTD business division (GTA) to Hotelbeds Group, owned by a consortium led by Cinven und Canada Pension Plan Investment Board (CPPIB). The shareholders of Kuoni Group will roll-over a large portion of their participation in GTA into the combined Hotelbeds/GTA business and upon completion, will hold a substantial minority stake in the combined Hotelbeds/GTA business. Completion of the transaction is subject to customary closing conditions, including merger control filings and approvals.


Bär & Karrer Advises Hellman & Friedman and GIC on the Acquisition of Allfunds

On 7 March 2017 Hellman & Friedman and GIC acquired Allfunds Bank, S.A. from Intesa Sanpaolo Group, Santander Group, General Atlantic and Warburg Pincus. Allfunds Bank is a leading financial technology business. The transaction is valued at EUR 1.8 billion and is subject to customary closing conditions.

Bär & Karrer acted as Swiss legal advisor to Hellman & Friedman and GIC. The team included Eric Stupp and Stephanie Walter (all Banking & Insurance). Freshfields acted as lead counsel to Hellman & Friedman and GIC.


Bär & Karrer Advises an Affiliate of Warburg Pincus on the Acquisition of a Stake in Avaloq

Warburg Pincus, a leading global private equity firm, has entered into an agreement to acquire approximately 35% shareholding in the Avaloq Group AG. Avaloq is an internationally leading FinTech company based in Switzerland. With its integrated business process outsourcing services, Avaloq is the only independent provider for the financial industry that does both, developing and operating its own software. Closing of the transaction is expected in the second quarter of 2017.


Bär & Karrer Advises Mitsui on the Acquisition of Chemtrade Aglobis

On 28 February 2017, Mitsui & Co., Ltd. (Mitsui) and Chemtrade Logistics Inc. (Chemtrade) announced an agreement under which Mitsui will acquire the entire stake in Chemtrade Aglobis AG (Aglobis), subsidiary entirely owned by Chemtrade. Aglobis is a leading distributor of sulphur and sulphuric acid in Europe. The transaction is subject to relevant regulatory approvals.


Bär & Karrer Advises Lonza on the Entering into a Strategic Partnership with Sanofi to Establish a

Today, Lonza and Sanofi announced that they have entered into a strategic partnership to build and operate a large-scale mammalian cell culture facility for monoclonal antibody production in Visp, Switzerland. The large-scale facility will be established through a joint venture with an initial investment of around CHF 290 million shared equally between Lonza and Sanofi. The initial construction phase of the facility will commence in 2017, pending necessary regulatory approvals. The facility is expected to be fully operational by 2020. The partnership provides both parties with substantial flexibility by using an innovative setup enabling them to optimize biologics production capacity across the whole industry.


Bär & Karrer on top of the Profile League Table by Mergermarket

Earlier this month Mergermarket published its review on the 2016's most prolific individual DACH legal advisors. We are pleased to be ranked with Christoph Neeracher and Luca Jagmetti on the top of the table on rank one and two. Both are associated for 2016 with 11 completed deals and a total value of EUR 3 bn. The Mergermarket Profiler App lists Christoph Neeracher in total with 54 deals and Luca Jagmetti with 35 transactions.


Bär & Karrer Advises Valora on the Acquisition of Pretzel Baron

Bär & Karrer Advises Valora on the Acquisition of Pretzel Baron


Bär & Karrer Advises Priora on Acquisition of Large Minority Stake in Galenica

Bär & Karrer Advises Priora on Acquisition of Large Minority Stake in Galenica


Bär & Karrer Advises Sanofi on Exchange Transaction with Boehringer Ingelheim

Bär & Karrer Advises Sanofi on Exchange Transaction with Boehringer Ingelheim


Bär & Karrer Advises Pax Anlage on the Public Takeover Offer of Baloise

Bär & Karrer Advises Pax Anlage on the Public Takeover Offer of Baloise


Bär & Karrer Advises Alpine Select on Public Share Buy-back

Bär & Karrer Advises Alpine Select on Public Share Buy-back.

On 10 January 2017, Alpine Select Ltd, Zug, invited to an extraordinary shareholders' meeting which will take place on 7 February 2017. At this shareholders' meeting, the shareholders will, among other things, vote on a capital reduction through the cancellation of shares which have been repurchased under a share buy-back program at a fixed price.