Niederer Kraft Frey Ltd

Niederer Kraft Frey advised Transgourmet on the acquisition of Saviva AG.Transgourmet, a subsidiary of the Coop Group, is active in the cash & carry and wholesale supplies market in Germany, Poland, Romania, Spain, France, Austria and Switzerland. Transgourmet is the second biggest wholesaler in Europe with more than 30’000 employees and net sales of approximately CHF 11.6 billion. The Coop Group operates in the retail as well as wholesale and production sectors. In the retail sector, Coop operates supermarkets and various specialist formats in Switzerland. In wholesale, the Coop Group operates through Transgourmet. With more than 94’000 employees, Coop generates net sales of approximately CHF 34.2 billion. Saviva has been part of HEBA Food Holding AG since 2021. Hermann Bader, owner and chairman of the board of directors, wants to ensure that the successful Saviva remains in good hands: “The joint path with Transgourmet is the ideal solution to continue leading Saviva together with its customers and employees into a promising future”. The NKF team was led by Corporate/M&A partner Moritz Maurer, working with associates Alexander Göbel and Kevin Melchior Ebener, junior associates Luca Heinrich and Camille Stucker (all Corporate/M&A), partner Philip Spoerlé and associate Reto Seiler (both Finance), partner Clara-Ann Gordon (IP/TMT), partner Janine Reudt-Demont (Regulatory), senior associate Oliver Zbinden (Real Estate) as well as associate Sabrina Gysi (Employment).  

Niederer Kraft Frey advised Climate Impulse on the partnership agreement with UM6P and OCP Group. UM6P (University Mohammed VI Polytechnic) and OCP Group entered a partnership agreement with Climate Impulse to become main partners of the “Climate Impulse” project, which is expected to result in a non-stop, zero-emission world tour aboard a green hydrogen-powered aircraft by 2028. UM6P and OCP Group, the world’s largest producer of phosphate and phosphate-based products and one of the largest phosphate, fertilizer, chemical and mineral industrial companies in the world, together with science company Syensqo (a spin-off from Solvay), will be the main partners of Climate Impulse. They will be key players in addressing the technical challenges associated with Climate Impulse, including managing the extreme temperatures required to maintain liquid hydrogen at -253°C throughout the estimated nine-day flight. The contribution of UM6P and OCP Group to the “Climate Impulse” project reflects their determination to play an active role in advancing the UN Sustainable Development Goal No.13 on climate action and to support global initiatives for a sustainable future. Also, it highlights Morocco’s potential as an emerging leader in the green hydrogen field. The NKF team was led by Corporate/M&A and Technology partner Jacques Bonvin, working with associate Boris Catzeflis (Corporate/M&A and Technology).  

Niederer Kraft Frey advised Sygnum on an industry-first USD 50 million Bitcoin-backed syndicated loan to Ledn. Sygnum, a global digital asset banking group with around USD 4.5 billion in client assets, has issued the industry-first syndicated loan backed by Bitcoin (BTC) to premier crypto lender Ledn, which will be used to fund the growth of Ledn’s retail lending operations. The financing constitutes the first Bitcoin-backed syndicated loan from a regulated bank. Syndicated among Sygnum’s institutional clients, the loan will allow Ledn to bring additional liquidity to both the crypto sector and the existing USD 1.38 trillion syndicated loan market. Ledn will use the loan to fund its retail book growth, offering its clients even more flexible opportunities to access capital while using their BTC holdings as collateral held in qualified custody to ensure the highest levels of security and regulatory compliance. The NKF team advising Sygnum on this transaction was led by Finance partners Philip Spoerlé and Adrian Koller, working with associate Selim Lötscher and junior associate Norina Frey (both Finance) as well as partner Markus Kronauer (Tax).  

Niederer Kraft Frey advised the Solar Impulse Foundation on its partnership with BNP Paribas. BNP Paribas Asset Management (BNPP AM) has raised EUR 150 million (USD 166 million) for its BNP Paribas Solar Impulse Venture Fund (BNPP SIVF), which is focused on investing in innovative cleantech startups with a positive environmental impact, supporting the acceleration of the ecological transition. Founded through an exclusive partnership between Bertrand Piccard’s Solar Impulse Foundation, the SFDR Article 9 fund aims to make 15-20 investments in European and North American startups, targeting sectors including the energy transition, sustainable agriculture and food, the circular economy, water and ocean management, smart cities, sustainable mobility, and industrial innovation. With a hard cap of EUR 200 million, final closing is expected by the end of 2024. The NKF team was led by Corporate/M&A partner Jacques Bonvin, working with partner Andrea Wuerzner (Corporate/M&A and Finance) and associate Boris Catzeflis (Corporate/M&A and Technology).  

Sunshine SwissCo AG (a consortium led by EQT), together with ADIA and Auba Investment Pte. Ltd., have successfully placed 14,273,859 shares in Galderma Group AG at a price of CHF 75.00 per share via an accelerated bookbuilding process. The placement raised CHF 1,071 million in total.  Niederer Kraft Frey represented the banking syndicate in the transaction, consisting of Goldman Sachs, Morgan Stanley and UBS. The NKF team was led by Capital Markets partner Deirdre Ni Annrachain.  

Niederer Kraft Frey advised the Sonio group on the acquisition of Flow Swiss AG. Sonio AG is one of the leading providers in the field of information and communication technology (ICT) in Switzerland. With a comprehensive portfolio that includes “Digital Workspace”, “Data Management” and “Hybrid Cloud”, Sonio offers innovative and customised solutions for Swiss SMEs. Flow Swiss AG is a Zurich based and ISO 27001-certified Swiss cloud service provider, which offers premium cloud services with a focus on simplicity. The NKF team was led by Corporate/M&A partner Moritz Maurer and associate Alexander Göbel, working with junior associates Luca Heinrich and Janika Leuzinger (all Corporate/M&A), associate Sabrina Gysi (Employment), partner Clara-Ann Gordon and junior associate Nicolas Keil (both Data Protection/IP/IT), senior associate Oliver Zbinden (Real Estate) as well as associate Kevin Melchior Ebener and junior associate Camille Stucker (both Commercial).  

Niederer Kraft Frey advised “Pensionskasse der HOCHDORF-Gruppe” with respect to the sale of a residential real estate portfolio in the Cantons of Zug and Lucerne that was transferred to an investment foundation. The sale was structured by way of a combination of an asset deal and a tax neutral asset swap carried out as an asset transfer according to the Merger Act.  The NKF team was led by Real Estate partners Andreas F. Vögeli and Fabiano Menghini, working with senior associate Sven Kälin and associate Rune Müller (both Tax) and associate Yannik Bleiker (Real Estate). 9 May 2025

Niederer Kraft Frey advised the Franke Group on the acquisition of the WESCO Group. The closing is subject to regulatory approval. The Franke Group, headquartered in Aarburg, Switzerland, is a leading global manufacturer and supplier of solutions and equipment for domestic kitchens, professional kitchens and coffee preparation. The company has a global presence and employs around 7’700 people in 35 countries. Net sales total approximately CHF 2.42 billion. Founded in 1962 and headquartered in Wettingen, Switzerland, the WESCO Group is a leading family business specialising in extractor hoods and ventilation systems for kitchens, homes, offices and schools. With around 280 employees at locations in Switzerland, Germany and Italy, the Group generates net sales of approximately CHF 97 million. The NKF team was led by Corporate/M&A partner Patrik Peyer, working with associate Alexander Göbel (Corporate/M&A), partner Nicolas Birkhäuser and associate Lukas Poschung (both Competition Law) and senior associate Sven Kälin (Tax).  

Niederer Kraft Frey advised Calibre Scientific, Inc., (Calibre Scientific) on the acquisition of wikuma GmbH. Calibre Scientific is a diversified global provider of life science reagents, tools, instruments, and other consumables to the lab research, diagnostics, industrial, and biopharmaceutical communities. Calibre Scientific owns a portfolio of life science and diagnostic companies, across various key verticals, that have an unrivalled ability to address the unique challenges of their respective markets. Its global reach extends into over 175 countries, empowering customers all over the world. Headquartered in Holland, Ohio, Calibre Scientific continues to grow across a wide array of verticals and geographies, further diversifying its product offering and global footprint to laboratories around the world. Wikuma GmbH is a specialised service company in the field of service and repair of laboratory equipment and complements Calibre Scientific’s activities in Switzerland. The NKF team was led by Corporate/M&A partner Patrik Peyer, working with associate Sabrina Gysi and junior associate Luca Heinrich (both Corporate/M&A), partner Fabiano Menghini and associate Yannik Bleiker (both Real Estate), partner Janine Reudt-Demont (Life Science/Technology) and counsel Livia Keller (Employment).  

Niederer Kraft Frey advised Crypto Finance AG on the sale of Crypto Finance (Asset Management) AG to Matrixport. Crypto Finance AG is a leader in providing professional digital asset solutions including trading, custody and staking services to institutional clients. The FINMA-regulated service provider is part of the Deutsche Börse Group. Matrixport is a global platform for crypto financial services and offers a variety of financial solutions in the cryptocurrency sector worldwide. Crypto Finance (Asset Management) AG is the first FINMA-approved manager of collective crypto assets and a pioneer in the market by managing the first regulated crypto fund in Switzerland. Following the transaction, Crypto Finance (Asset Management) AG will operate under the name Matrixport Asset Management AG. The NKF team was led by Corporate/M&A partner Patrik Peyer, working with partner Philipp Candreia, associate Sabrina Gysi (both Corporate/M&A) and senior associate Nina Bremi (Banking).  

Niederer Kraft Frey advised Axpo Holding AG on a JPY 42,000,000,000 (around CHF 250,000,000) Samurai loan for the financing of the company’s current business and growth initiatives, such as renewable energy projects in Switzerland and abroad. The financing is linked to sustainability performance indicators, relating to the expansion of renewable energies, the proportion of women in management positions and the number of apprentices employed. Axpo is Switzerland’s largest producer of renewable energy and an international leader in energy trading as well as the marketing of hydro, solar and wind power. The emphasis of sustainability and innovation in the energy transition is the prime focus of Axpo’s business model and strategy. With the Samurai loan Axpo increases its financial flexibility, ensuring its further expansion and diversification in connection with its commitment to a sustainable future. The NKF Team was led by M&A/Finance partners Andrea Giger and Adrian Koller, working with partner Philip Spoerlé, junior associate Géraldine Küderli (both M&A/Finance) and partner Markus Kronauer (Tax).  

Niederer Kraft Frey advised Deutsche Private Equity (DPE),a leading German private equity firm with approximately EUR 3bn assets under management specialising in investments in medium-sized growth companies in the DACH region, on securing the financing of its acquisition of IMPAG. IMPAG, headquartered in Zurich and with subsidiaries in Switzerland, Germany, Poland, France, Austria and Spain, is an internationally orientated value-added specialty chemical distribution company that supplies and supports the life science and material science industries in Europe with raw materials, active ingredients and services. The Group achieved annual sales of CHF 180 million in 2023. The NKF team was led by Transactions partners Philip Spoerlé and Adrian Koller, working with associate Selim Lötscher, junior associates Carlotta Ulmer, Norina Frey and Manuel Constam (all Transactions) as well as partner Markus Kronauer (Tax). NKF was further supported by teams of Clifford Chance LLP (Germany, France and Poland) led by Simon Reitz and Philip Rosak (both Frankfurt) and Wolf Theiss (Austria) led by Zeno Grabmayr. Marco Schunder, Björn Kitzinger and Danny Mellor from Pava Partners acted as exclusive debt advisors in this transaction.  

Niederer Kraft Frey advised a syndicate of over 15 financial institutions led by UBS on the additional financing provided to dss⁺,an international consulting firm with headquarters in Switzerland, for its acquisitions of ETSCAF and Infrata. The acquisitions further deepen dss+’s expertise in operational risk management and safety, while strengthening its capabilities in leadership development, workplace safety and culture change. Moreover, the acquisitions expand dss+’s capabilities to support investors throughout the asset lifecycles of their infrastructure investments. Founded in 2011, Infrata is a leading global infrastructure advisory firm headquartered in London, with over 70 expert consultants operating from hubs in London, Madrid, Toronto, and Bogota. ETSCAF is a French consultancy firm headquartered in Paris employing over 60 senior consultants. Specialising in staff safety for high-risk sectors, ETSCAF focuses on both engineering solutions and the people-side of risk mitigation, including leadership development and workplace culture. The NKF team was led by Transactions partners Philip Spoerlé and Adrian Koller, working with associate Selim Lötscher and junior associates Carlotta Ulmer and Géraldine Küderli (all Transactions) as well as partner Markus Kronauer (Tax). NKF was further supported by teams of Milbank (US and UK) led by Michael Bellucci (New York), King & Wood Mallesons (Australia) led by Will Stawell (Sydney), Paul Hastings (France) led by Marc Zerah and Olivier Vermeulen (Paris) and Blake, Cassels & Graydon LLP (Canada) led by Charles McRoberts (Toronto).  

BRUSA Elektronik AG, a Swiss based technology leader in the field of development,manufacturing and distribution of power electronics used for battery electrical vehicles has completed a carve-out transaction of its electrical drive units followed by a minority equity private placement with international strategic and financial investors. The newly raised funds will be used to accelerate the growth of BRUSA Elektronik AG’s and strengthen its market presence in both Asia and North America. Niederer Kraft Frey advised BRUSA Elektronik AG on this transaction. The NKF team was led by Corporate/M&A partner Andrea Giger, working with partner Deidre Ni Annrachain, senior associate Katalin Siklosi, associate Benedikt Hadorn and junior associate Norina Frey (all Corporate/M&A), counsel Livia Keller (Employment) and senior associate Oliver Zbinden (Real Estate).  

Niederer Kraft Frey advised Coop on the purchase of the remaining 49 per cent stake in Coop Mineraloel AG from Philipps 66. Coop will thus take over Coop Pronto in full. With this acquisition, Coop is consolidating its position in the growing convenience market, securing 324 attractive locations and thus reinforcing its core business. The Coop Pronto locations will continue to be operated in the franchise system in line with the previous concept. The transaction is subject to approval by the Competition Commission. The NKF team was led by Corporate/M&A partner Moritz Maurer, working with associate Sabrina Gysi (Corporate/M&A).  

Niederer Kraft Frey advised Centre Lane Partners on all Swiss law-related aspects of the acquisition of substantially all the assets of Hardinge Inc., including its Swiss subsidiaries.Hardinge Inc. is a global leader and provider of advanced machine tool, manufacturing and workholding solutions. The acquisition was part of chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware. The NKF team was led by Corporate/M&A partner Philippe Weber, working with senior associate Samuel Hochstrasser, associates Manuel Hirlinger and Pascal Hodel, junior associate Peter-Conradin Schreiber (all Corporate/M&A), counsel Livia Keller (Employment), as well as partner Markus Kronauer and senior associates Morgan Boëffard and Sven Kälin (all Tax).  

Niederer Kraft Frey advised Cherry Ventures, a venture capital firm based in Berlin, London and Stockholm, on its series A investment in Voliro AG. Voliro is a leading innovator in aerial mobile robotics. With the closing of the USD 12 million series A investment round, Voliro plans to advance its mission to transform industrial inspections, maintenance and repair work with aerial robotics. The NKF team was co-led by Corporate/M&A partners Andrea Giger and Philip Spoerlé, working with senior associate Katalin Siklosi, associate Manuel Hirlinger and junior associate Norina Frey (all Corporate/M&A), partner Janine Reudt-Demont (Life Sciences/Intellectual Property), senior associate Sven Kälin (Tax) and associate Daniela Lötscher (Employment).  

Niederer Kraft Frey acted as Swiss counsel to VARTA AG in connection with a German law bridge financing agreement, which allows VARTA AG to secure key liquidity to complete its ongoing restructuring measures under the German StaRUG (German Act on the Stabilisation and Restructuring Framework for Companies). The bridge financing is a crucial part of the measures intended to secure VARTA AG’s core electronic battery industry, thereby helping to safeguard jobs and value creation in Germany and Switzerland. VARTA AG produces and markets a diverse range of batteries including micro batteries, household batteries, energy storage systems and customer-specific battery solutions. As technology leader, VARTA AG sets industry standards in important areas of the battery technology field. The NKF team was led by M&A/Finance partners Adrian Koller and Philip Spoerlé, working with junior associates Géraldine Küderli and Manuel Constam (both M&A/Finance) and partner Markus Kronauer (Tax).  

Niederer Kraft Frey advised CREAL SA on its Series B financing round led by Carl Zeiss Vision International GmbH, as well as on a license agreement with ZEISS. CREAL SA is a Swiss-based startup which develops a unique light-field AR display that projects truly 3D images with genuine focal depth, enabling the digital content to blend seamlessly into the real world. The funding will accelerate CREAL’s expansion across new and existing markets and accelerate new products development. The license with ZEISS aims at creating a digitised vision care platform that hopes to revolutionise the current vision diagnostic and treatment procedures. By leveraging CREAL’s light field display technology, ZEISS plans to bring to market devices that allow for the digital examination of eye conditions as well as virtual simulation of classic ophthalmic lenses, contact lenses, and the like. Ultimately, the partnership should help bring century-old vision test procedures into the 21st century, finally enabling fast, cost-effective and above all user-friendly diagnostic procedures. The NKF team was led by Corporate/M&A and Technology partner Karim Piguet, working with partner Phidias Ferrari, senior associate Melania Sirbu, associate Tania Luminuku and junior associate Jonathan Fumeaux (all Corporate/M&A) and associate Boris Catzeflis (Corporate/M&A/Technology).  

Georg Fischer AG (GF), a Swiss industrial company listed at SIX Swiss Exchange (ticker: GF) announced today that it has signed an agreement to divest its GF Machining Solutions Division to United Grinding Group,a Swiss-based global leader in grinding technology. The value of the transaction is in the range of CHF 630 to CHF 650 million. Closing is expected to take place in the first half of 2025, subject to approval of the competent anti-trust and other authorities. Nieder Kraft Frey acts as lead counsel to GF in connection with the divestment and the related carve-out transaction. GF is an international industrial and publicly listed corporation with its headquarter in Schaffhausen (Switzerland). GF is active in the fields of piping systems, building flow solutions, casting solutions and machining solutions. The divestment of the machine-tool business is part of GF’s new strategic focus on Water and Flow Solutions and increases GF’s strategic flexibility to pursue further growth as well as value-generating investments in these strategic fields. United Grinding Group, whose origin dates back about 100 years, is a global leader in grinding technology and employs more than 2000 employees globally. The majority shareholder of United Grinding is Patinex AG, a Swiss holding company wholly owned by Martin and Rosmarie Ebner. Together, GF Machining Solutions and United Grinding will combine forces to form the leader in ultra-precision machining. The NKF team is co-led by Transactions partners Andrea Giger and Philip Spoerlé and further comprises senior associates Katalin Siklosi and Julia Tolstova and partner Ulysses von Salis (all Transactions), partner Thomas Hochstrasser (Commercial), associate Manuel Hirlinger and junior associates Manuel Constam and Norina Frey (all Transactions), partner Adrian Koller and junior associate Carlotta Ulmer (both Financing), partners Thomas Graf, Marcel Meier and Daniela Schmucki, senior associates Sven Kälin and Morgan Boeffard, associates Michel Herren and Besnik Omuri (all Tax), partner Fabiano Menghini and associate Noémie Amman (both Real Estate) and partner Nicolas Birkhäuser and associate Lukas Poschung (both Antitrust/FDI). NKF is supported by multi-jurisdictional teams of White & Case LLP led by Gernot Wagner, Rebecca Emory and Stefan Bressler (all Frankfurt) and the teams of Dentons in Vietnam and Taiwan.  

Niederer Kraft Frey acted as counsel to Mikron Switzerland AG on the acquisition of all intellectual property rights owned by LYSR Sàrl. Mikron is the leading partner for high performance production systems to manufacture complex and precise components in high volumes. The three divisions, Mikron Automation, Mikron Machining and Mikron Tool, are based in Switzerland (Boudry and Agno). The company has additional production facilities in Germany, Lithuania, Singapore, China and in the USA. LYSR focuses on products and services in the emerging domain of AI-based anomaly detection for industrial processes monitoring and predictive maintenance. The LYSR team is composed of experts in AI, data science and computer science, keeping track of rapidly evolving technologies that it encapsulates in the LYSR platform. The NKF team was led by Corporate/M&A partner Andreas Casutt and associate Alexander Göbel, working with associate Melchior Ebener (both Corporate/M&A).

Sunshine SwissCo AG (a consortium led by EQT), together with ADIA and Auba Investment Pte. Ltd., have successfully placed 16,000,000 shares in Galderma Group AG at a price of CHF 80.00 per share via an accelerated bookbuilding process. The placement raised CHF 1,280 million in total. Niederer Kraft Frey represented the banking syndicate in the transaction, consisting of Citi, Goldman Sachs, Jefferies, Morgan Stanley and UBS. The NKF team was led by Capital Markets partner Deirdre Ní Annracháin, working together with associate Benedikt Hadorn (Capital Markets).  

Niederer Kraft Frey acted as counsel to Yttrium on its Series B investment in embotech AG. Yttrium (formerly Digital+ Partners), based in Frankfurt, Munich and London, is a leading technology growth investor focusing on DACH and European technology companies with over USD 800 million in assets under management. Yttrium focuses exclusively on B2B technology companies and leverages an extensive corporate network to help portfolio companies access new markets and establish new partnerships. Embotech is an award-winning provider of cutting-edge autonomous driving solutions for logistics, with a focus on Automated Vehicle Marshalling (AVM) in passenger car factories and Autonomous Terminal Tractors (ATT) at port terminals and logistic centers. Further investors in the round included Emerald Technology Ventures and BMW i Ventures. The NKF team was led by Corporate/M&A partner Patrik Peyer, working with Corporate/M&A associate Alexander Göbel.  

Niederer Kraft Frey advised Martin Mucha as insolvency administrator of Auto-Kabel Group on the Swiss law aspects throughout the restructuring process, as well as on the sale to Voltaira Group, a subsidiary of FIT-Foxconn Interconnect Technology Ltd. Auto-Kabel Group is a pioneer in e-mobility and a technology leader in automotive energy distribution and management, with a robust OEM customer base and leading innovation capabilities. The company develops and produces electrical components for automotive systems and power distribution, focusing on the transition to e-mobility solutions. The family business produces cable solutions for power distribution in cars in eleven countries on three continents, supplying them to well-known car manufacturers all over the world. Voltaira Group is a leading supplier of sensor, connectivity and electrification solutions, specialising in wire harness technologies. From concept design to development and production, it maintains strategic partnerships with major players in the automotive and micro-mobility sectors. The NKF team advising the insolvency administrator of Auto-Kabel Group on Swiss law aspects was led by M&A partners Adrian Koller and Andrea Giger, working with associate Manuel Hirlinger, junior associate Géraldine Küderli (both M&A) and partner Markus Kronauer (Tax). Gleiss Lutz (Germany) acted as lead counsel to the insolvency administrator of Auto-Kabel Group in this transaction.  

Niederer Kraft Frey advised Alpiq Holding AG on a revolving credit facilities agreement with an international syndicate of banks as lenders and a revolving loan facility agreement with a syndicate of Swiss banks as lenders. UBS Switzerland AG acted as mandated lead arranger and sole bookrunner in relation to such financings. The credit facilities made available have an aggregate volume of CHF 3.6 billion. Alpiq is a leading Swiss electricity producer, energy trader and energy service provider active throughout Europe. The two new credit agreements focus on securing, among others, the group’s liquidity needs. The NKF team was led by the partners Adrian Koller and Andrea Giger, working with associate Alexander Züger (all M&A/Finance) and partner Markus Kronauer (Tax).  

Niederer Kraft Frey represented Trafigura at trial in the first case brought before a Swiss Court involving corporate liability for alleged failure to prevent bribery of a foreign public official. The NKF team was led by White-Collar Crime and Investigations partner Myriam Fehr-Alaoui, working with associate Lina Aite (White-Collar Crime and Banking, Finance & Regulatory). The team further comprises Tomomi Ichikawa, Julia Pennoni and Laure Barrat-Cusset.  

Niederer Kraft Frey advised Luzerner Kantonalbank acting as agent and the syndicate of banks on all aspects regarding the amendment of the existing financing for HOCHDORF Swiss Nutrition AG (HSN) in the context of the acquisition of HSN by AS Equity Partners. The sale of HSN to AS Equity Partners took place during the moratorium (Nachlassstundung) of the listed HOCHDORF group and formed part of the respective restructuring efforts. HSN is a Swiss market leader in milk processing, specialising in infant nutrition, powder and mixing technology for milk-based and alternative proteins. AS Equity is a Switzerland and UK-based financial investor with a specialised investment focus on technology companies in special situations, which provides the opportunity to enhance HSN’s international potential, while committing to maintain and develop its previous business strategy. The NKF team was led by M&A/Finance partners Ulysses von Salis and Adrian Koller, working with junior associate Géraldine Küderli (all M&A/Finance).  

Niederer Kraft Frey advised leading private equity firm Bain Capital and its affiliate Castello (BC) Bidco S.p.A. on the Swiss law aspects of Castello’s debut issuance of EUR 550 million senior secured floating rate notes due 2031,and its entry into a new EUR 100 million revolving credit facility. Under the terms of the transactions, EUR 350 million in proceeds from the notes was used in connection with Bain’s acquisition of SO.MA.CI.S. S.p.A, a leading global manufacturer of high complexity printed circuit boards. Another EUR 200 million in proceeds from the notes was deposited into escrow pending completion of an acquisition by SO.MA.CI.S. The notes were issued pursuant to Rule 144A and Regulation S under the U.S. Securities Act and listed on the Luxembourg Stock Exchange’s Euro MTF market. The NKF team was led by M&A/Finance partners Adrian Koller and Philip Spoerlé, working with junior associate Manuel Constam (M&A/Finance) and partner Markus Kronauer (Tax). Paul, Weiss acted as lead counsel to Bain Capital in this transaction, with a team led by partners Matthew Merkle, Kanesh Balasubramaniam, Deirdre Jones, Nicolò Ascione, Neel Sachdev, Marco Bagnato, Timothy Lowe and counsel Samir Kurani and Patrick Karsnitz.  

Niederer Kraft Frey advised EK-Pack Folien, a member of the Oliver Healthcare Group, a leading supplier of sterile barrier flexible packaging solutions for the global healthcare market, on its sale of Vacopack H. Buchegger AG to RB Verpackungen AG. Vacopack H. Buchegger is a traditional Swiss company, focusing on high-performance and high-quality sealed edge and shrink bags for a wide range of applications and is a leader in its industry. EK-Pack Folien is a manufacturer of high-quality film and foil technology headquartered in Ermengerst-Wiggensbach, Bavaria, Germany. The NKF team was co-led by partner Philip Spoerlé and senior associate Katalin Siklosi (both Transactions), working with senior associate Livia Keller (Employment), partner Thomas Graf and senior associate Sven Kälin (both Tax), partner Nicolas Birkhäuser (Antitrust), partner Fabiano Menghini and associate Noémie Ammann (both Real Estate), and junior associate Norina Frey (Transactions).

Niederer Kraft Frey advised Invision and the other shareholders of Parkresort Rheinfelden on the sale of the wellness part of Parkresort Rheinfelden to RS Properties.This acquisition gives the Parkresort a locally anchored, long-term orientated and entrepreneurial new owner. With sole uno in Rheinfelden (Switzerland) and the Caracalla Therme and Friedrichsbad in Baden Baden (Germany), Parkresort Wellness operates three renowned spas with a total of over one million visitors a year. Invision acquired a stake in the Parkresort Group in 2016 as part of a succession solution and actively accompanied and supported the further development of the company in the areas of growth, digitalisation and operational management succession. The NKF team was led by Corporate/M&A partner Manuel Werder, working with partner Thomas Graf (Tax), associate Julia Pugliese and junior associates Janika Leuzinger and Niklaus Hatz (all Corporate/M&A).  

Niederer Kraft Frey advised the shareholders of BAC pool systems on the sale of 100 percent of BAC’s share capital to Fluidra. BAC pool systems is a recognised manufacturer and distributor of automatic, manual and safety covers for both residential and commercial pools with operations in Germany and Switzerland. Fluidra is a global leader in equipment and connected solutions in the pool and wellness sector that is listed at the Madrid stock exchange. The NKF team was led by Corporate/M&A partner Manuel Werder, working with junior associate Niklaus Hatz (Corporate/M&A).

Niederer Kraft Frey advised UBS Switzerland AG as underwriter and mandated lead arranger and Zürcher Kantonalbank as lead arranger on the financing provided to the Aebi Schmidt Group in the context of its merger with The Shyft Group (NASDAQ: SHYF) and the contemplated listing on NASDAQ in New York. The all-stock merger with The Shyft Group will create a world leading specialty vehicle manufacturer and upfitter, with estimated 2024 combined revenues of nearly USD 2 billion and a pro forma adjusted EBITDA (incl. run-rate synergies) of around USD 200 million. After closing, Aebi Schmidt’s shares will trade on the NASDAQ in New York with Aebi Schmidt’s existing shareholders holding 52% of the combined company and the current Shyft owners holding 48%. The merger is expected to have a positive impact on results, thanks to geographic expansion, cross-selling, and cost optimization. Accelerated growth, strong margins, and attractive free cash flow will make the combined company attractive to shareholders. The completion of the merger is expected by mid-2025. The NKF team was led by Transactions partner Philip Spoerlé, working with associate Selim Lötscher and junior associate Norina Frey (all Transactions) as well as partner Markus Kronauer (Tax). NKF was supported on U.S. matters by a team of Latham & Watknis LLP led by Jesse K. Sheff (New York).

Niederer Kraft Frey advised SZS Bogrens Holding AG on the acquisition of the Seniorenzentrum Schweizerhof AG. Seniorenzentrum Schweizerhof, located in Kandersteg, Switzerland, is a private retirement and nursing home offering a variety of living arrangements and service offerings. The NKF team was led by Corporate/M&A partner Patrik Peyer, working with senior associate Alexander Göbel (Corporate/M&A) as well as partner Simon Bühler and associate Antonio Gramunt (both Regulatory).  

Niederer Kraft Frey advised Transgourmet Ibérica on its joint venture with Nudisco. Transgourmet Ibérica, a benchmark in the distribution of food to the hotel and catering industry and supermarkets, and Nudisco, a company dedicated to the commercialization of canned food, have signed a joint venture agreement with the aim of boosting their supermarket business in the Levante region. Transgourmet is part of the Swiss Coop Group and active in Switzerland, Germany, France, Austria, Poland, Romania and Spain. With more than 30’000 employees, Transgourmet generates net sales of approximately CHF 11.6 billion. The Coop Group operates in the retail as well as wholesale and production sectors. In the retail sector, Coop operates supermarkets and various specialist formats in Switzerland. In wholesale, the Coop Group operates through Transgourmet. With more than 95’000 employees, Coop generates net sales of approximately CHF 34.6 billion. The completion of the transaction is subject to approval by Spain’s National Authority for Markets and Competition (CNMC). The NKF team was led by Corporate/M&A partner Moritz Maurer, working with associate Julia Pugliese (Corporate/M&A).

Barry Callebaut, the world’s leading manufacturer of high-quality cocoa and chocolate products, has successfully raised an amount of CHF 300 million on the Swiss bond capital markets. The issuance consists of a six-year tranche of CHF 160 million and a ten-year tranche of CHF 140 million (the “Notes”), priced at a coupon of 1.8% and 2.1% respectively per annum. The bonds will be traded on the SIX Exchange commencing January 17, 2025 (ISIN CH1400064569 (6-year tranche); (ISIN CH1400064577(10-year tranche)) and will be used for general corporate purposes. Niederer Kraft Frey acted as advisor to Société Générale and certain other financial institutions as joint lead managers in this bond transaction. The NKF team included Transactions partners Philip Spoerlé and Andrea Giger as well as associate Manuel Hirlinger (Transactions).

Niederer Kraft Frey advised ATHAGORAS Group (ATHAGORAS), a portfolio company of GREENPEAK PARTNERS (GREENPEAK), on the financing of the acquisition of CSO Pharma Consulting (CSO) and MIGx AG (MIGX). CSO provides reliable services and professional support for pharmaceutical companies and healthcare providers in the fields of Pharmacovigilance, Medical Affairs, Quality Management & GDP as well as Development consulting. In addition, CSO offers an audited Pharmacovigilance system and processes essential for the wholesale license and as such serves as a dedicated outsourcing partner for its customers. Founded in 2019 as a startup, MIGX has quickly established itself as a trusted technology partner in the Life Sciences sector. Specialising in solving complex data challenges and driving digital transformation, MIGX combines cutting-edge technology with deep industry expertise. ATHAGORAS is building a group of leading service providers to create a tech-enabled European specialist service provider for the clinical and commercial development of healthcare innovations in the pharmaceutical & biotech industry within regulatory affairs, pharmacovigilance, as well as market access and real-world evidence. GREENPEAK is a leading specialist focused on building and developing platforms that drive sustainable growth. With a hands-on approach, they collaborate closely with businesses to foster long-term value creation and success. By partnering with companies that share their vision and values, GREENPEAK creates synergistic ecosystems that fuel innovation and work toward a better future for all. The NKF team was led by Transactions partner Philip Spoerlé, working with associates Selim Lötscher and Lorenzo Henseler (all Transactions) as well as partner Markus Kronauer (Tax). Goodwin LLP with a team comprising partner Winfried M. Carli and associates Rebecca Stöcklein and Marius Garnatz (Private Equity/Finance) acted as lead counsel in this transaction.

Niederer Kraft Frey advised Romer’s Holding AG, the parent company of Romer’s Hausbäckerei and a group company of the IDAK Food Group, on the acquisition of Kern & Sammet AG. Kern & Sammet AG is a high-quality manufacturer of frozen baked goods that perfectly fits Romer’s Hausbäckerei, which forms part of the IDAK Food Group. The NKF team was led by Corporate/M&A partner Manuel Werder, working with partner Nicolas Birkhäuser (Competition), senior associates Annina Fey and Oliver Zbinden (both Real Estate), associates Naomi Loretz, Julia Pugliese (both Corporate/M&A), and Sabrina Gysi (Employment), as well as junior associates Janika Leuzinger and Niklaus Hatz (both Corporate/M&A).

On 31 January 2025, Maguar Capital (Maguar), the German tech investor specialising in B2B software investments in the DACH region,closed its majority investment in Navori Labs, a globally recognised innovator in digital signage software and computer vision solutions. Headquartered in Lausanne, Switzerland, Navori Labs has delivered innovative, mission-critical solutions for over 26 years, enabling businesses worldwide to optimise operations, boost sales, and drive engagement. Maguar was founded in 2019 by Matthias Ick, Gunther Thies, and Arno Poschik and focuses on investments in small and medium-sized B2B software companies in the DACH region. The Maguar team possesses strong entrepreneurial and extensive management experience in the technology industry, with more than 35 years of experience as software CEOs and over 20 years in the private equity industry. Niederer Kraft Frey acted as Swiss M&A and Financing counsel to support Maguar’s majority investment. On the M&A side, the NKF team was led by Corporate/M&A partner Patrik Peyer, working with associate Melchior Ebener, junior associate Janika Leuzinger (both Corporate/M&A), partner Morgan Boëffard (Tax), counsel Livia Keller (Employment), as well as associate Boris Catzeflis (IP, Data Protection). Hogan Lovells acted as lead and international counsel for Maguar and was led by Munich Corporate & Finance partner Nikolas Zirngibl, working with Dominik Lang, Julia Dingeldey, Andreas Thun, Falk Loose, Justus Frank, Michael Thiesen, Sarah-Lena Kreutzmann, Marcus Schreibauer, Philipp Reckers, Eliott Fourcade and Paul Leroy. On the Financing side, the NKF team was led by Transactions partners Philip Spoerlé and Adrian Koller, working with associate Lorenzo Henseler (Transactions) and partner Markus Kronauer (Tax). Goodwin LLP with a team comprising partner Winfried M. Carli and associates Rebecca Stöcklein and Marius Garnatz (Private Equity/Finance) acted as lead counsel on the financing matters.

Niederer Kraft Frey advised the shareholders of Institut für histologische und zytologische Diagnostik AG Aarau (IHZD) on the sale of IHZD to Affidea Group. IHZD operates two laboratories in Aarau and Zurich, specialising in histopathology, molecular pathology and cytology diagnostics. By completing the sale to Affidea Group, the institute ensures its long-term sustainability, facilitates further growth, and creates new opportunities for its clients and employees as Affidea is Europe’s largest provider of diagnostic imaging, ambulatory care and cancer treatment. With the acquisition of IHZD, Affidea Switzerland is now in a position to offer a fully integrated oncological treatment pathway covering prevention, early detection, genetic testing, diagnosis, personalised treatment and post-treatment support. The NKF team was led by Corporate/M&A partner Thomas Brönnimann, working with associates Manuel Hirlinger and Benedikt Hadorn, junior associate Matthias Zinniker (all Corporate/M&A), associate Stephanie Huchler (Employment) as well as senior associate Sven Kälin and associate Aleksa Stojadinovic (both Tax).

30 July 2025 Georg Fischer (GF), a Swiss industrial company listed at SIX Swiss Exchange (ticker: GF) announced today that it has signed an agreement to divest GF Casting Solutions’ automotive business to Nemak S.A.B. de C.V., a Mexico-based global leader in aluminum lightweighting solutions for the automotive industry. Closing is expected to take place in the second half of 2025, subject to regulatory approvals. The transaction encompasses all of the automotive business of GF Casting Solutions, which in 2024 generated annual sales of approximately CHF 622 million. The divestment includes nine production sites across Europe, China, and the US, and involves a workforce of approximately 2,500 employees. The enterprise value amounts to USD 336 million, of which USD 160 million is to be paid at closing. The remaining consideration consists of the assumption of existing operating and financial liabilities, as well as further instalments to be paid within five years following the closing. The residual payments are not subject to any business performance-related conditions. Niederer Kraft Frey acts as lead counsel to GF in connection with the divestment and the related carve-out transaction. GF is an international industrial and publicly listed corporation with its headquarter in Schaffhausen (Switzerland). GF is active in the fields of piping systems, building flow solutions and casting solutions. With this transaction, GF’s strategic transformation into a pure-play Flow Solutions company is near completion. Nemak is a leading provider of innovative lightweighting solutions for the global automotive industry, specializing in the development and manufacturing of aluminum components for e-mobility, structure & chassis, and ICE powertrain applications. In 2024, the company generated sales of approximately USD 4.9 billion and employed around 23,000 people worldwide. Nemak shares are listed on the Mexican Stock Exchange and are part of the Dow Jones Sustainability Indices. The NKF team is co-led by Transactions partners Philip Spoerlé and Andrea Giger and further comprises associates Carlotta Ulmer and Lorenzo Henseler and partner Ulysses von Salis (all Transactions), partners Thomas Hochstrasser and Lukas Beeler and associate Lukas Mathis (all Commercial), partner Nicolas Birkhäuser (Antitrust), partner Fabiano Menghini (Real Estate), as well as partner Thomas Graf, counsel Marc Vogelsang and senior associate Sven Kälin (all Tax). NKF is supported by multi-jurisdictional teams of White & Case LLP in Germany, the US and China led by Stefan Bressler, Gernot Wagner and Rebecca Emory (all Frankfurt) and the teams of Cerha Hempel in Austria and Romania led by Dr. Albert Birkner.

Niederer Kraft Frey acted as Swiss counsel to LARGO FILMS SA in its Series A financing round, co-led by Los Angeles-based TI Capital Management LLC and QBIT Global Ventures Fund I LP. The round also saw participation from Hollywood legend Sylvester Stallone, Boston’s Atreides Management, former Vice Chairman and Chief Operating Officer of Microsoft-owned Activision Blizzard Thomas Tippl, and Swiss private equity firm DAA Capital. LARGO FILMS SA is a startup founded in 2018 as a spin-off from the Ecole Polytechnique Fédérale de Lausanne (EPFL). It has become a pioneer in introducing AI to the audiovisual industry with AI-driven analytics. Through its Largo.ai platform, the company provides data-assisted intelligence to enhance film projects from script development to theatrical release. Using proprietary cognitive pattern recognition technology, Largo.ai analyzes video, audio, and text to generate actionable insights, optimizing a film’s potential even at the script stage. Since its launch, Largo.ai has established itself as a leader in integrating AI into the film, TV, and advertising industries. Many movies utilizing Largo.ai’s technology have been released in theaters and on major streaming platforms, with some even nominated for Oscars. The company has won numerous awards, including the Best Start-up Award at the San Sebastian Film Festival, the EFM Horizon Start-ups at the Berlinale, the Top 100 Swiss Start-up Awards. This latest financing round, featuring participation from key industry players, marked a significant milestone in Largo Films’ mission to transform the entertainment industry with AI-driven intelligence. The NKF team advising on the transaction was led by Corporate/M&A partner Karim Piguet, working with senior associate Melania Sirbu and junior associate Jonathan Fumeaux (both Corporate/M&A).

Niederer Kraft Frey advised EQT on a complex pre-IPO reorganisation of HBX group’s corporate structure and the IPO of its portfolio company HBX Group (formerly Hotelbeds). The listing on the Spanish stock exchanges and the first day of trading took place on 13 February 2025. The IPO price amounted to EUR 11.50 per share, representing an initial market capitalization of HBX Group of approx. EUR 3 billion. The IPO marks the largest stock market debut in Europe for 2025 and is the first listing of a UK company in Spain since Brexit. HBX Group, which is present in more than 170 countries, is a leading independent B2B travel technology marketplace, connecting travel product suppliers (including hotels, travel experiences, transfers and car rentals) and travel distributors. EQT’s relationship with HBX Group started in 2017 when its former portfolio company GTA was sold and merged with HBX Group leading to EQT acquiring a minority stake in HBX Group. Prior to the merger, GTA was one of the three core businesses of Kuoni Group, which EQT acquired and took private in 2016. EQT later divested the other two core businesses, GTS and VFS Global, in 2017 and 2022, respectively. We advised EQT on the take private of the Kuoni Group, the subsequent reorganisation of the Kuoni group and the merger of GTA with HBX Group and have advised EQT since then. The NKF team was led by Corporate/M&A and Capital Markets partner Andrea Giger, working with associate Manuel Hirlinger and junior associates Géraldine Küderli and Norina Frey (all Corporate/Capital Markets). NKF worked together with a team of Clifford Chance LLP who advised on English law and Spanish law matters.

Niederer Kraft Frey is representing Global Blue (NYSE: GB), the leading specialty payments and technology platform enabling tax-free shopping,dynamic currency conversion and payments solutions to the world’s largest retail brands, in connection with its agreement to be acquired by Shift4 (NYSE: FOUR). The transaction values Global Blue at approximately $2.5 billion enterprise value. Under the terms of the definitive agreement, Shift4 intends to acquire Global Blue for $7.50 per common share in cash through a tender offer and a subsequent statutory squeeze-out merger. Upon completion of the transaction, Global Blue’s common and preferred stock will no longer be listed on any public stock exchange. The acquisition has been unanimously approved by the boards of directors of Shift4 and Global Blue. It is expected to close by the third quarter of calendar year 2025, subject to receipt of regulatory approvals, other customary closing conditions, and a minimum tender of at least 90% of Global Blue’s issued and outstanding common shares and preferred shares on a combined basis. The NKF team includes Philipp Haas, Ulysses von Salis, Philip Spoerlé and Julia Tolstova (all Corporate/M&A), Paloma Alcantara (Competition/FDI), and Markus Kronauer and Marc Vogelsang (both Tax).

Niederer Kraft Frey is acting as counsel to EFG International in the acquisition of 100 percent of the Swiss private bank Cité Gestion announced on 19 February 2025.The closing of the transaction is expected in the second half of 2025 and is subject to regulatory approval. Cité Gestion manages approximately CHF 7.5 billion of Assets under Management as of the end of 2024 and generated a net profit of around CHF 6 million in 2024. Cité Gestion has around 130 employees, is headquartered in Geneva, with further offices in Lausanne, Lugano and Zurich. Its multi custody business focuses on serving UHNWIs domiciled in Switzerland, Western Europe, Latin America and the Middle East. The NKF team was co-led by Corporate/M&A partners Philippe Weber and Thomas Brönnimann, working with partner Philipp Candreia (Corporate/Regulatory), senior associate Florian Steiner (Regulatory), associates Manuel Hirlinger (Corporate/M&A), Stefan Härtner (Regulatory) and Stephanie Huchler (Employment), as well as junior associates Philipp Theiler and Matthias Zinniker (all Corporate/M&A).

Swiss Prime Site (SIX: SPSN) has successfully placed 2,926,829 newly issued shares by way of an accelerated bookbuild offering.At a placement price of CHF 102.50 per share, the offering raised CHF 300 million in gross proceeds for the company. Closing of the transaction is expected to take place on 27 February 2025. Niederer Kraft Frey represented the banking syndicate in the transaction, consisting of UBS AG and Citigroup Global Markets Limited. The NKF team was led by Capital Markets partners Philippe Weber and Deirdre Ni Annrachain, working with junior associate Philipp Theiler (Capital Markets).  

Niederer Kraft Frey is pleased to announce the appointment of Morgan Boëffard as partner, effective 1 January 2025. With this appointment, NKF now has a total of 52 partners in Zurich and Geneva. In addition, NKF is delighted to welcome Tabea Lorenz and Marc Vogelsang as counsels, effective 1 February 2025. Their broad practice further enhances NKF’s capabilities in complex tax matters. Morgan Boëffard brings extensive expertise in both domestic and international taxation, advising in particular UHNWI on all tax aspects of their private and business activities and corporations on a wide range of tax matters, focusing in particular on M&A, private equity transactions, corporate reorganisations and management participation plans. Morgan has been recognised for his excellence in the field, ranking as a recommended key lawyer by Legal 500 2025 and as a Rising Star in general corporate tax by ITR World Tax for both 2024 and 2025. Tabea Lorenz specialises in tax litigation, tax procedures, and criminal tax law. With a strong academic background as an Assistant Professor of tax law at the University of St. Gallen (HSG), she combines in-depth legal knowledge with practical experience. She advises UHNWI, family offices, and corporations on complex tax matters, including contentious proceedings and strategic tax planning. Marc Vogelsang specializes in tax advice for private and public M&A transactions, particularly the areas of private equity and real estate. In addition to his extensive transactional experience, he focuses on corporate reorganizations and tax planning as well as tax litigation and VAT matters. Marc is a regular author of articles in professional journals and a speaker on tax law topics.

Niederer Kraft Frey advised Transgourmet Ibérica, a benchmark in hospitality distribution and supermarkets, on the acquisition of the distribution group Moyà Saus de Mallorca to boost Transgourmet Ibérica’s distribution to the hotel and catering industry and retail industry in the Balearic Islands. Transgourmet is part of the Swiss Coop Group and active in Switzerland, Germany, France, Austria, Poland, Romania and Spain. With more than 30’000 employees, Transgourmet generates net sales of approximately CHF 11.6 billion. The Coop Group operates in the retail as well as wholesale and production sectors. In the retail sector, Coop operates supermarkets and various specialist formats in Switzerland. In wholesale, the Coop Group operates through Transgourmet. With more than 95’000 employees, Coop generates net sales of approximately CHF 34.6 billion. The completion of the transaction is subject to approval by Spain’s National Authority for Markets and Competition (CNMC). The NKF team was led by Corporate/M&A partner Moritz Maurer, working with associate Alexandra Neuenschwander (Corporate/M&A).  

Niederer Kraft Frey advised AB2 Bio Ltd, a Lausanne, Switzerland based biotechnology company developing innovative therapies for the treatment of severe systemic hyperinflammatory diseases and conditions driven by IL-18,on Swiss law matters in connection with the entry into an option and licensing agreement with Nippon Shinyaku Co. Ltd., a leading Japanese pharmaceutical company. Under the terms of the agreement, Nippon Shinyaku received an option to acquire exclusive U.S. rights to commercialize Tadekinig alfa to treat Primary Monogenic IL-18 driven Hyperinflammatory Syndrome, a rare and potentially life-threatening pediatric disease that, if left untreated, may rapidly lead to multiple-organ failure and death. AB2 Bio will continue to prepare for filing for U.S. Biologics License Application (BLA) approval for Tadekinig alfa in the indication. AB2 Bio receives early payments of up to USD 36 million (including an initial payment of USD 6 million upon closing) and would be eligible for development milestone payments of up to USD 150 million and commercial milestone and royalty payments of up to USD 500 million. The NKF team was led by Corporate/M&A partner Jacques Bonvin, working with partner Andrea Wuerzner (Corporate/M&A) and associate Boris Catzeflis (Corporate/M&A and Technology).

Niederer Kraft Frey advised AMNIS on its CHF 10 million series B financing round lead by Swisscom Ventures. Furthermore, existing investors – including co-investor Lansdowne – participated in the funding round. The round also included a CHF 2 million non-dilutive debt agreement with Lendity, a Swiss-based growth capital investor. AMNIS, a Zurich-based fintech founded in 2014 by Michael Wüst, Robert Bloch and Philippe Christen provides an international banking platform designed to help SMEs operate and scale globally – reducing transaction costs, simplifying team expenses, and automating accounting tasks. By eliminating inefficiencies in cross-border finance, AMNIS’ multi-currency solution gives businesses a competitive edge in the global market. Swisscom Ventures advises investment funds for Swisscom and institutional investors totaling USD 650 million. These funds invest in minority stakes in Swiss and international start-ups. Since 2007, Swisscom Ventures has invested in over 80 such start-up companies and has managed to sell almost 40 investments at a profit after an average of six years. The investment team works closely with its Swisscom colleagues in the various divisions, relying on Swisscom’s market-leading expertise in digital transformation. The NKF team was co-led by Corporate/M&A partner Patrik Peyer and senior associate Katalin Siklosi, working with junior associate Norina Frey (both Corporate/M&A).

Niederer Kraft Frey advised Groupe Factoria on the acquisition of Digitalmaterial AG. Digitalmaterial is an IT service provider based in Winterthur which proposes Managed Services Solutions, Cloud and Modern Workplace, develops IT strategies for its customers, builds and maintains IT environments with cloud backup including Microsoft365 & Azure solutions. Digitalmaterial was founded in 2006 and its actual leadership team since 2020 will continue to run the company with its new partner Groupe Factoria. Groupe Factoria, that belongs to Groupe Baelen, a French family holding, provides expertise in the digital transformation of companies : IT and outsourcing, electronic document management, telecoms, printing, and interactive screens. Over the past 18 years the Groupe Factoria has experienced significant growth and has been able to remain agile and close to their customers through its ecosystem of 60 expert subsidiaries across France and French overseas departments and its 2 first entities in Switzerland. The NKF team included partner Philip Spoerlé, senior associate Katalin Siklosi and junior associate Norina Frey (all Transactions) as well as partner Janine Reudt-Demont (IP/IT), partner Fabiano Menghini (Real Estate), senior associate Livia Keller (Employment) and associate Noémie Ammann (Real Estate). 2 April 2025

12 September 2025 Niederer Kraft Frey advised the former owners on the sale of Bioengineering AG, a Swiss-based specialist in the development and production of bioreactors, especially fermenters for the pharmaceutical, biotech and novel food industries, with subsidiaries in China, Korea and the USA, to the Japanese Morimatsu Group. Morimatsu is a global, diversified provider of core equipment, process systems and digital intelligence integrated plant solutions listed at the stock exchange of Hongkong with around 5’000 employees worldwide. The NKF team was led by Corporate/M&A partners Andreas Casutt and Manuel Werder, working with associates Naomi Loretz and Nadine Wanner (both Corporate/M&A).

Niederer Kraft Frey has advised Swiss global private banking group EFG International with respect to EFG Bank’s offering and issuance of dual-tranche senior unsecured bonds. EFG Bank successfully closed the issuance of CHF 340 dual-tranche domestic senior unsecured bonds comprising of CHF 175 million with a 3-year maturity and a fixed annual coupon of 1.13 percent and CHF 165 million with 6-year maturity and a fixed coupon of 1.45 percent with Swiss investors. The bonds are listed on SIX Swiss Exchange and are expected to be included in the domestic segment of the Swiss Bond Index (SBI). The transaction follows EFG Bank’s successful inaugural placement and issuance in June 2024 of CHF 370 million dual-tranche senior unsecured bonds comprising of CHF 230 million with a 3-year maturity and CHF 140 million with a 6-year maturity. Deutsche Bank AG London Branch, acting through Deutsche Bank AG Zurich Branch and UBS Investment Bank acted as Joint Lead Managers. The NKF team was led by Capital Markets partner Daniel Bono and included partner Philippe Weber, senior associate Giulia Ghezzi and associate Manuel Hirlinger (all Capital Markets).

Niederer Kraft Frey advised Sportradar Group AG on an USD 517.5 million underwritten secondary public offering by certain selling shareholders. As part of the transaction, the company implemented a conversion of a certain amount of its class B shares into class A shares and, concurrently with the secondary public offering, repurchased own shares in the amount of USD 65.5 million. NKF acted as counsel for Swiss Corporate law matters to Sportradar Group AG in collaboration with Paul Hastings LLP, who acted as US counsel. Goldman Sachs & Co. LLC and J.P. Morgan acted as lead book-running managers for the offering. The NKF team was led by Corporate/M&A partners Patrik Peyer and Roman Sturzenegger, working with senior associate Alexander Göbel and associate Sabrina Gysi (all Corporate/M&A). 7 May 2025

Niederer Kraft Frey advised PolyPeptide Group AG (SIX: PPGN) on the securing of additional financing under its revolving credit facility, as well as further support from its main shareholder. With UBS as the coordinator and agent, the bank consortium including Danske Bank and Zürcher Kantonalbank have agreed to increase the available capital commitments by EUR 40 million to EUR 151 million and extend the term of its existing revolving credit facility (RCF) to March 2028. In parallel, Draupnir Holding B.V. has strengthened its support as the Group’s main shareholder and extended the term of the existing amounts outstanding under its unsecured short-term facility with the group. The agreements enhance the Group’s financial flexibility, as it continues its growth journey toward doubling 2023 revenue by 2028. PolyPeptide Group AG and its consolidated subsidiaries (“PolyPeptide”) is a specialised Contract Development & Manufacturing Organization (CDMO) for peptide- and oligonucleotide-based active pharmaceutical ingredients. By supporting its customers mainly in pharma and biotech, it contributes to the health of millions of patients across the world. PolyPeptide serves a fast-growing market, offering products and services from pre-clinical to commercial stages. Its broad portfolio reflects the opportunities in drug therapies across areas and with significant exposure to metabolic diseases, including GLP-1. Dating back to 1952, PolyPeptide today runs a global network of six GMP-certified facilities in Europe, the U.S. and India. PolyPeptide’s shares (SIX: PPGN) are listed on SIX Swiss Exchange The NKF team was led by M&A/Finance partner Philip Spoerlé, working with associate Selim Lötscher and junior associate Selim Tisli (both M&A/Finance).

Sunshine SwissCo GmbH (a consortium led by EQT), together with ADIA and Auba Investment Pte. Ltd., have successfully placed 19,031,811 shares in Galderma Group AG at a price of CHF 97.75 per share via an accelerated bookbuilding process. The placement raised CHF 1.86 billion in total. Galderma participated in the Placement by agreeing to repurchase 2.38 million shares for a total consideration of ca. CHF 233 million, at the same price per share determined by the bookbuilding process. Niederer Kraft Frey represented the banking syndicate in the transaction. The NKF team was led by Capital Markets partner Deirdre Ni Annrachain, working together with junior associate Nina Lötscher (Capital Markets).

4 June 2025 Niederer Kraft Frey advised SIS Group on its strategic partnership with Swiss School Madrid. SIS Swiss International School is a group of private day schools in Switzerland, Germany, Brazil and Italy, offering bilingual education from kindergarten through to college. SIS is part of the Klett Group. As of 1 September 2026, Swiss School Madrid will be fully integrated into the SIS Group. This marks a significant milestone in the ongoing growth and internationalisation of SIS Swiss International School. The NKF team was led by Corporate/M&A partner Moritz Maurer, working with associate Alexandra Neuenschwander (Corporate/M&A).

20 June 2025 Niederer Kraft Frey advised gategroup Holding AG and its affiliates on the securing of a new EUR 675 million term loan, a USD 500 million term loan and a multicurrency revolving credit facility in an amount of CHF 300 million financing. This transaction represents gategroup’s debut as a term loan B issuer and has attracted strong demand from leading global investors. gategroup is the global leader in airline catering, retail-on-board and hospitality products and services. gategroup provides passengers with superior culinary and retail experiences, leveraging innovation and advanced technology solutions. Headquartered in Zurich, Switzerland, gategroup delivers operational excellence through the most extensive catering network in the aviation industry, serving passengers from over 200 operating units in over 60 countries/territories across all continents. The NKF team was led by partners Philippe Weber and Marco Häusermann, working with partner Markus Kronauer (Tax) and associate Reto Seiler.

27 June 2025 Niederer Kraft Frey has advised Swiss global private banking group EFG International with respect to EFG Bank’s offering and issuance of CHF 125 million senior unsecured bonds. EFG Bank successfully closed the issuance of CHF 125 million domestic senior unsecured bonds with a 4-year maturity and a fixed annual coupon of 0.9625 percent with Swiss investors. The bonds are listed on SIX Swiss Exchange and are expected to be included in the domestic segment of the Swiss Bond Index (SBI). The transaction follows EFG Bank’s successful inaugural placement and issuance in June 2024 of CHF 370 million dual-tranche senior unsecured bonds comprising of CHF 230 million with a 3-year maturity and CHF 140 million with a 6-year maturity, and the placement and issuance in March 2025 of CHF 340 dual-tranche senior unsecured bonds comprising of CHF 175 million with a 3-year maturity and CHF 165 million with 6-year maturity. Raiffeisen Schweiz Genossenschaft acted as Sole Lead Manager. The NKF team was led by Capital Markets partner Daniel Bono and included partner Philippe Weber and senior associate Giulia Ghezzi (all Capital Markets).

1 July 2025 On 30 June 2025, GF completed the divestment of its GF Machining Solutions division to United Grinding Group. The successful closing of this divestment transaction marks an important milestone in GF’s transformation journey to become the global leader in Flow Solutions. The transaction increases GF’s strategic flexibility to pursue further growth and value generating investments in Flow Solutions for Industry, Infrastructure and Buildings. The agreed purchase price on a cash and debt-free basis is CHF 630 million. Annual sales to be carved out from GF amounted to CHF 885 million in 2024. Approximately 3,300 employees and production sites in eight locations across Europe, Asia and the US will transfer to the buyer as part of the transaction. GF is an international industrial and publicly listed corporation with its headquarter in Schaffhausen (Switzerland). GF is active in the fields of piping systems, building flow solutions, casting solutions and machining solutions. The divestment of the machine-tool business is part of GF’s new strategic focus on Water and Flow Solutions and increases GF’s strategic flexibility to pursue further growth as well as value-generating investments in these strategic fields. United Grinding Group, whose origin dates back about 100 years, is a global leader in grinding technology and employs more than 2000 employees globally. The majority shareholder of United Grinding is Patinex AG, a Swiss holding company wholly owned by Martin and Rosmarie Ebner. Together, GF Machining Solutions and United Grinding will combine forces to form the leader in ultra-precision machining. The NKF team was co-led by Transactions partners Andrea Giger and Philip Spoerlé and further comprised senior associates Katalin Siklosi and Julia Tolstova, associate Lorenzo Henseler and partner Ulysses von Salis (all Transactions), partner Thomas Hochstrasser (Commercial), associate Manuel Hirlinger and junior associates Manuel Constam, Norina Frey, Nina Lötscher and Selim Tisli (all Transactions), partner Adrian Koller and associate Carlotta Ulmer (both Financing), partners Thomas Graf, Marcel Meier, Daniela Schmucki and Morgan Boeffard, senior associate Sven Kälin and associate Michel Herren (all Tax), partner Fabiano Menghini and associate Noémie Amman (both Real Estate), partner Nicolas Birkhäuser and associate Lukas Poschung (both Antitrust/FDI), as well as partner Daniel Eisele and counsel Livia Keller (Commercial/Employment). NKF is supported by multi-jurisdictional teams of White & Case LLP led by Gernot Wagner, Rebecca Emory, Stefan Bressler and Fabian Mayer (all Frankfurt) and the teams of Dentons in Vietnam and Taiwan.

11 July 2025 Niederer Kraft Frey advised Affidea on its investment in b-rayZ as part of a new financing round. b-rayZ is at the forefront of breast imaging technology, offering state-of-the-art AI and Swiss medical expertise to improve early breast cancer detection and patient outcomes. The Affidea Group is the pan-European diagnostic imaging and community-based polyclinic and specialist healthcare services provider, which operates in 391 medical centres across 15 countries. The NKF team was led by Corporate/M&A partner Philippe Weber, Corporate/M&A senior associate Samuel Hochstrasser and Healthcare/Regulatory partner Janine Reudt-Demont, working with associate Pascal Hodel and junior associate Philipp Theiler (both Corporate/M&A) and senior associate Sven Kälin (Tax).

15 July 2025 Niederer Kraft Frey advised Helsana Group as legal advisor on the acquisition of Adcubum AG. The closing of the transaction is scheduled for later this year. Helsana employs around 3’400 people throughout Switzerland and occupies a leading position in the Swiss insurance market with a premium volume of around CHF 8.2 billion. With a broad range of basic, supplementary and accident insurance as well as daily sickness benefits, Helsana protects over 2 million people against the financial consequences of illness, accidents, maternity and the need for care in old age. Adcubum is the Swiss market leader for software products in the area of health and accident insurance. Its core product is the Adcubum Syrius software, a flexible, modular and cloud-capable system for health, accident and property insurance. In total, Adcubum employs more than 300 highly qualified employees at locations in Switzerland, Germany and Croatia. Adcubum will remain an independent company. The takeover ensures stability, continuity and innovation for the market-leading Swiss core insurance system Syrius and its customers. The NKF team was led by Corporate/M&A partner Patrik Peyer, working with partner Moritz Maurer, leading senior associate Alexander Göbel, associates Sabrina Gysi, Melchior Ebener, Pascal Hodel, Alexandra Neuenschwander, Nadine Wanner and junior associate Lukas Christen (all Corporate/M&A), partner Janine Reudt-Demont and associate Luisa Egli (both IP), partner Nicolas Birkhäuser (Antitrust), associate Lukas Poschung (Commercial/Antitrust), associate Antonio Gramunt (Commercial/ Regulatory), associate Reto Seiler (Finance), associate Yannik Bleiker (Real Estate) and associate Lukas Mathis (Disputes). Lupp & Partner and Vukmir + Associates provided German respectively Croatian legal advice.

Niederer Kraft Frey advises SPIE, the independent European leader in multi-technical services in the areas of energy and communications, in the acquisition of SD Fiber, a specialist in the deployment of fiber optic networks to the street (FTTS), to the building (FTTB) and to the home (FTTH). SD Fiber operates in both Switzerland and Germany. With the completion of the transaction, SPIE acquired 96% of the shares of SD Fiber. The remaining shares are retained by the current management team. The NKF team was led by Corporate/M&A partner Manuel Werder, working with associates Naomi Loretz, Nadine Wanner, Melchior Ebener, Lukas Poschung (all Corporate/M&A), Yannik Bleiker, Julia Pugliese (both Real Estate) and Luisa Egli (Employment), partner Janine Reudt-Demont (Data Protection), associate Boris Catzeflis (Data Protection), partner Nicolas Birkhäuser (Competition), counsel Marc Vogelsang (Tax) as well as junior associate Lukas Christen (Corporate/M&A).

Niederer Kraft Frey has advised Banco de Chile as issuer in all Swiss law aspects with respect to the offering and issuance of senior fixed-rate social notes. Banco de Chile successfully closed the issuance of CHF 100 million senior fixed-rate social notes with a 6-year maturity and a fixed annual coupon of 1.1875 percent. The bonds are listed on SIX Swiss Exchange. The net proceeds from the issue of the notes will be used by Banco de Chile to finance new or existing social and environmental projects that meet the eligibility criteria referred to under the Eligible Social Categories or Eligible Green Categories, with a particular focus on Women-Owned Enterprises, as set out in Banco de Chile’s Sustainability Financing Framework. BNP Paribas, Lancy/Geneva Branch acted as lead manager. A&O Shearman acted as international legal counsel to Banco de Chile. The NKF team was led by Capital Markets partner Andrea Giger, working with associate Manuel Hirlinger and partner Philip Spoerlé (all Capital Markets)

29 July 2025 Sunshine SwissCo GmbH (a consortium led by EQT), together with Abu Dhabi Investment Authority and Auba Investment Pte. Ltd., have successfully placed 17,000,000 shares in Galderma Group AG at a price of CHF 123.00 per share via an accelerated bookbuilding process. The placement raised CHF 2.1 billion in total. Niederer Kraft Frey represented the banking syndicate in the transaction, consisting of BNP PARIBAS, Citigroup, Goldman Sachs, Jefferies, Morgan Stanley and UBS. The NKF team was led by Capital Markets partner Deirdre Ni Annrachain, working together with associate Manuel Hirlinger (Capital Markets).

25 JULY 2025 Niederer Kraft Frey advised Ardian as lead legal advisor on the acquisition of a majority stake in Horizon Home Care Group AG, a Swiss-based international provider of non-medical home care services operating under the brand Dovida. The closing of the transaction is scheduled for later this year. Ardian is a world-leading private investment firm, managing or advising USD 180 billion of assets on behalf of more than 1,850 clients globally. Ardian has 1,050+ employees, spread across 20 offices in Europe, the Americas, Asia and Middle East and is strongly committed to the principles of responsible investment. Dovida provides person-centred non-medical home care which is carefully designed to support, empower and uplift individuals, and enhance their quality of life. Dovida’s global footprint spans six countries (Australia, Ireland, France, Netherlands, New Zealand and Switzerland) delivering nine million hours of care each year. With a global presence and a local touch, Dovida delivers care that’s personal, empowering, and impactful. The NKF team was led by Corporate/ M&A partners Patrik Peyer and Moritz Maurer, working with leading senior associate Alexander Göbel, associates Melchior Ebener, Sabrina Gysi, Alexandra Neuenschwander, Nadine Wanner and junior associate Lukas Christen (all Corporate/ M&A), partner Janine Reudt-Demont and associate Luisa Egli (both IP/ IT/ Data Protection/ Regulatory), partner Nicolas Birkhäuser and associate Lukas Poschung (both Antitrust), partner Philip Spoerlé, associates Manuel Hirlinger, Carlotta Ulmer and junior associate Nina Lötscher (all Finance), associate Yannik Bleiker (Real Estate), associate Lukas Mathis (Disputes) as well as partner Daniela Schmucki and counsel Marc Vogelsang (both Tax). William Fry, King & Wood Mallesons, Russel McVeagh and Hogan Lovells provided Irish, Australian, New Zealand, Dutch respectively French legal advice.

1 September 2025 Niederer Kraft Frey advised medermis clinics on its strategic partnership with Mediplaza AG operating the PLAZA Kliniken. medermis clinics is a leading provider of dermatological, phlebological and aesthetic healthcare services, operating 62 locations across Germany and Switzerland with more than 1,100 employees, including 235 physicians. With this acquisition, medermis clinics takes an important step in expanding its dermatology practice network in the DACH region. PLAZA Kliniken offers a comprehensive range of dermatological services – from general dermatology, allergology and phlebology to aesthetic and plastic surgery. The clinic also provides practical medical training through its in-house PLAZA Academy. The NKF team was co-led by Corporate/M&A partner Moritz Maurer and Corporate/M&A senior associate Samuel Hochstrasser as well as Healthcare/Regulatory partner Janine Reudt-Demont, working with associates Alexandra Neuenschwander, Sabrina Gysi, Kevin Melchior Ebener and Naomi Loretz (all Corporate M&A) and associates Yannik Bleiker (Real Estate) and Stephanie Huchler (Employment).

3 September 2025 Niederer Kraft Frey acting as lead counsel advised UniCredit Bank GmbH as documentation agent, UBS Switzerland AG as facility agent and the other members of an international banking syndicate on a CHF 1.26 billion financing for SoftwareONE AG. The credit facilities made available serve the financing needs of the group following the successful acquisition of Crayon Group Holding ASA by SoftwareOne Holding AG. SoftwareOne Holding AG (listed on the SIX Swiss Exchange with a secondary listing on the Euronext Oslo Børs) is a leading global software and cloud solutions provider. The acquisition of Crayon Group Holding ASA (which is specialised in software procurement, IT cost management, cloud services, and data and AI solutions) is expected to lead to significant synergies. The NKF team was led by M&A/Finance partners Adrian Koller and Philip Spoerlé, working with associate Alexander Züger, junior associate Nina Lötscher (both M&A/Finance) and partner Markus Kronauer (Tax). Wiersholm acted as Norwegian law counsel to the banking syndicate with regards to this transaction, with a team including partners Atle Gabrielsen, Anne Lise Ellingsen Gryte and senior associate Johanna Bergum Mortensen.

8 September 2025 Niederer Kraft Frey advised SWISSto12 as lead counsel on the acquisition of key assets and IP from Hanwha Phasor. SWISSto12, one of the world’s fastest-growing aerospace companies and a leading original equipment manufacturer (OEM) of advanced satellite systems and radio frequency products, has acquired intellectual property (IP) and key assets from Hanwha Phasor, following Hanwha Phasor’s liquidation. SWISSto12 has acquired Ku band active electronically steered antenna (AESA) user terminal technology and assets from Hanwha Phasor, and will combine them with its own products and technologies to offer a highly innovative and market-disruptive AESA terminal solution to the global satellite communications sector. The acquisition will allow SWISSto12 to further accelerate its product development and deliver an enhanced product line to market. The NKF team was led by Corporate/M&A partner Jacques Bonvin, working with associate Boris Catzeflis (Corporate/M&A and Technology).

11 September 2025 SMG Swiss Marketplace Group Holding AG (“SMG”), advised by Niederer Kraft Frey as lead counsel, today announced the publication of its prospectus and the start of the book-building process, as part of its intention to conduct an IPO on SIX Swiss Exchange. The Offering consists of 19,629,040 existing shares, with an over-allotment option of up to 2,944,353 existing shares. The price range for the offered shares has been set at CHF 43.00 to CHF 46.00 per share and will result in an offer size of between CHF 971 million and CHF 1 billion. Based on the offer price range, the implied market capitalisation of SMG is estimated between CHF 4.2 billion and CHF 4.5 billion. The free float is expected to fall between 20 percent and 23 percent. Founded in 2021 as a joint venture between TX Group AG (“TX”), Ringier, Mobiliar and General Atlantic, SMG is the online marketplaces leader in Switzerland. The SMG group operates well-known brands under three primary business segments: real estate (Homegate, ImmoScout24, Flatfox), automotive (AutoScout24) and general marketplaces (Ricardo, tutti.ch, anibis.ch), complemented by additional price comparison offerings in finance and insurance (FinanceScout24). The NKF team was led by Corporate/Capital Markets partners Philippe Weber, Deirdre Ní Annracháin and Andrea Giger, working with associates Manuel Hirlinger and Pascal Hodel, junior associates Nina Lötscher, Philip Theiler, Matthias Zinniker and Robin Brändli (all Corporate/Capital Markets) and further comprised partners Thomas Brönnimann (Corporate/Capital Markets), Markus Kronauer (Tax), Philip Spoerlé (Banking & Finance), Nicolas Birkhäuser (Competition) and Simon Bühler (Regulatory). Clifford Chance, led by Frankfurt-based partner George Hacket, advised SMG on international law matters.

16 April 2026 Niederer Kraft Frey acted as lead counsel to UBS Switzerland AG as mandated lead arranger, bookrunner and agent and the other members of the banking syndicate in connection with a CHF 120 million credit financing for the DentaCore Group. Founded in 2021, DentaCore Group has built a vertically integrated dental platform that has rapidly expanded to a network of over 60 operating locations and laboratories across Switzerland. The NKF team was led by Transaction partners Adrian Koller and Philip Spoerlé, working with associates Lorenzo Henseler, Carlotta Ulmer and Alexander Züger, junior associates Barbara Bürgi and Matthias Schmid (all Transactions) and counsel Marc Vogelsang (Tax).

Sunshine SwissCo GmbH (a consortium led by EQT), together with Abu Dhabi Investment Authority and Auba Investment Pte. Ltd., have successfully placed 20,000,000 shares in Galderma Group AG at a price of CHF 130.00 per share via an accelerated bookbuilding process. The placement raised c. CHF 2.6 billion in total. Niederer Kraft Frey represented the banking syndicate in the transaction, consisting of Citigroup, Goldman Sachs, Jefferies, Merrill Lynch International, Morgan Stanley and UBS. The NKF team was led by Capital Markets partner Deirdre Ni Annrachain, working together with associate Manuel Hirlinger and junior associate Matthias Schmid (both Capital Markets).

Niederer Kraft Frey advised Commerzbank Aktiengesellschaft and UBS Switzerland AG acting as mandated lead arrangers on Swiss law aspects of the financing of Cicor Technologies Ltd.’s acquisition of TT Electronics Plc. The transaction will be implemented by way of a UK court-sanctioned scheme of arrangement and is expected to close in the first half of 2026, subject to shareholder and regulatory approvals. The acquisition, valued at approximately CHF 303 million (GBP 287 million), will be financed through a combination of senior term debt facilities and newly issued Cicor shares. Cicor Technologies, headquartered in Switzerland, is a leading provider of electronic manufacturing services (EMS), with a strong footprint in medical technology, industrial automation, and aerospace and defense. TT Electronics, listed on the London Stock Exchange, designs and manufactures engineered electronics for performance-critical environments, with a significant presence in defense and security, transportation, energy and healthcare. The combined entity will have revenues exceeding CHF 1.2 billion, with enhanced capabilities to serve defense and high-security sectors across Europe and North America. The NKF team was led by Transactions partners Adrian Koller and Philip Spoerlé, working with associate Carlotta Ulmer (Transactions).

Niederer Kraft Frey advised CoinShares, a leading European digital asset investment firm with over USD 9.5 billion in AUM, on the listing of its physically-backed Toncoin exchange-traded product (ETP) on the SIX Swiss Exchange in Zurich. The listing of CoinShares Physical Staked Toncoin on SIX demonstrates the company’s ongoing commitment to offering investors access to digital asset markets through regulated means. CoinShares’ staked ETPs are designed to provide simple exposure to proof-of-stake protocols and the rewards for participating in their security. They are built to allow the issuer to share staking rewards with investors by reducing the management fee and by increasing the coin entitlement of the ETP each day, as staking awards accrue. CoinShares is a leading European investment company specialising in digital assets, that delivers a broad range of financial services across investment management, trading and securities to a wide array of clients that includes corporations, financial institutions and individuals. CoinShares is publicly listed on the Nasdaq Stockholm under the ticker CS and the OTCQX under the ticker CNSRF. The NKF team was led by Transactions partner Philip Spoerlé, working with associate Manuel Hirlinger and junior associate Matthias Schmid (both Transactions).

Niederer Kraft Frey acted as lead counsel to UBS Switzerland AG as mandated lead arranger & agent and the other members of the banking syndicate in connection with a refinancing for mageba group. mageba group is a leading global supplier of structural bearings, expansion joints, seismic protection devices, and structural monitoring systems for infrastructure, building, and industrial projects. Headquartered in Switzerland, mageba group operates and is represented in over 50 countries worldwide, supporting thousands of major infrastructure projects. The NKF team was led by partners Adrian Koller and Philip Spoerlé, working with junior associate Selim Tisli (all Transactions).

19 December 2025 Niederer Kraft Frey has acted as lead counsel to the International Chemical Investors Group (ICIG) on the acquisition of BASF’s global optical brightening business by ICIG’s care chemicals platform Catexel. The transaction comprises the international operations of the business, including the production of optical brightening agents at the Monthey site in Switzerland with approximately 80 employees, and represents a further strategic investment by ICIG in the specialty chemicals sector. Catexel is the care chemicals platform of ICIG and focuses on high-quality specialty chemicals for laundry and home care, personal care, and industrial applications. The company is a global leader in detergent ingredients, operating production sites in Germany, the United States and the Netherlands. Catexel develops, manufactures and markets specialty chemicals for a broad range of applications and is an integral part of the ICIG group. The NKF team was led by Corporate/M&A partner Philippe Weber and senior associate Samuel Hochstrasser, working with partner Fabiano Menghini (Real Estate), associate Stephanie Huchler (Employment) and junior associate Sandja Kozina (Corporate/M&A).

22 December 2025 Niederer Kraft Frey acted as Swiss legal counsel to Antin Infrastructure Partners on its agreement to acquire NorthC Datacentres from DWS and other shareholders, a data centre platform with substantial operations in Switzerland, advising on all Swiss-related aspects of the transaction. Antin has a long track record of investing in and scaling critical digital infrastructure platforms across Europe, targeting investments in the energy and environment, digital, transport and social infrastructure sectors. Based in Amsterdam, NorthC operates 25 colocation data centres across major metropolitan areas in the Netherlands, Germany and Switzerland. NorthC has more than 140 MW of secured gross grid capacity from existing and greenfield sites to support future growth, and serves more than 1,600 customers, including cloud and IT service providers, carriers, public sector organisations, financial institutions, industry, transport, healthcare and pharmaceutical sectors. The NKF team was led by Transactions/M&A partner Philipp Candreia, working with partner Andreas F. Vögeli (Real Estate), senior associate Samuel Hochstrasser, associate Pascal Hodel and junior associate Sandja Kozina (all Corporate/M&A), senior associate Annina Fey and associate Yannik Bleiker (both Real Estate), as well as associate Luisa Egli (Data Protection). NKF advised alongside international counsel Clifford Chance.

Georg Fischer AG (GF), a Swiss industrial company listed at SIX Swiss Exchange (ticker: GF) has completed the divestment of its iron foundry in Leipzig (Germany) to Linamar Corp., a global manufacturer of advanced mobility and industrial solutions headquartered in Canada, effective end of day on 31 December 2025. The successful closing represents one of the final steps in GF’s transformation into a pure-play Flow Solutions company. The transaction value amounts to approximately EUR 45 million. With the closing, the iron foundry’s around 300 employees and operations in Leipzig transfer to Linamar. The foundry was previously part of the GF Casting Solutions division, for which a divestment agreement covering most of its business was signed on 30 July 2025. Niederer Kraft Frey acts as lead counsel to GF on this transaction, following its earlier lead counsel role in connection with the divestment of GF’s Casting Solutions division to Nemak (announced in July 2025) and the divestment of GF’s Machining Solutions division to United Grinding Group (announced in October 2024). The NKF team is co-led by Transactions partners Philip Spoerlé and Andrea Giger and further comprises associates Carlotta Ulmer, Peter-Conradin Schreiber and Lorenzo Henseler (all Transactions), junior associates Leonard Reiter and Caterina Moor (both Transactions), partner Thomas Hochstrasser (Commercial), partner Nicolas Birkhäuser (Antitrust), as well as counsel Marc Vogelsang (Tax). NKF is supported by White & Case LLP with a team led by Stefan Bressler, Gernot Wagner and Rebecca Emory and comprising Maximilian Eichhorn (all Frankfurt).

Niederer Kraft Frey advised Zürcher Kantonalbank (as mandated lead arranger, coordinator, agent, security agent and original lender) and Luzerner Kantonalbank AG (as mandated lead arranger and original lender) on the financing of the acquisition of a majority stake in Ergon Informatik AG by Afinum. Afinum is an investment company with a focus on investments in mid-sized companies in the DACH region. Ergon Informatik is a leading IT company in Switzerland combining technology, security and business competences to provide solutions for complex business needs, with a focus on developing and distributing software products. The NKF team was led by M&A/Finance partners Adrian Koller and Philip Spoerlé, working with associate Alexander Züger, junior associate Janyar Assa’d (both Transactions) and partner Markus Kronauer (Tax).

Niederer Kraft Frey is pleased to announce a further significant expansion of its Real Estate practice with the joining of Charles Gschwind as a new partner in Geneva. Charles is a highly experienced Real Estate and M&A lawyer with a strong focus on complex transactions. He advises domestic and international clients on high-profile asset and portfolio deals, sophisticated development projects, landmark hotel transactions and the acquisition of real estate companies, as well as on the structuring and financing of large real estate portfolios. His expertise also covers key regulatory and administrative matters, in particular Lex Koller and environmental law, alongside corporate, commercial and contract law as well as tenancy matters. He further represents clients in challenging (pre-)litigation matters across the real estate sector. Andreas F. Vögeli, head of NKF’s Real Estate team, explains: “With Charles joining us as a new partner, we further strengthen our Real Estate practice, particularly in French-speaking Switzerland. His strong transactional expertise and excellent market reputation make him a perfect fit for our team. We very much look forward to working with him.” Charles Gschwind states: “I am delighted to join NKF and its leading Real Estate team. NKF stands for excellence, collaboration and innovation, and I am very excited to contribute my experience to further expand the practice and deliver outstanding advice and services to our clients.” About NKF Niederer Kraft Frey is a leading Swiss full service law firm with offices in Zurich and Geneva, offering a full range of legal services with an international perspective. NKF works closely with clients to achieve strategic objectives, foster business growth, and navigate complex challenges. The firm is led by 52 partners and employs 220 professionals, including 140 lawyers.

Niederer Kraft Frey advised the shareholder of Vibro-Consult AG on its successful sale to TIC. Vibro-Consult is one of the leading specialists in vibration and machine diagnostics. With decades of expertise in measurement and vibration technology, the company is a market leader in Switzerland and also supports clients internationally in the analysis, monitoring and optimisation of rotating machinery such as turbines, generators, pumps and similar equipment. The NKF team was led by Corporate/M&A partner Deirdre Ní Annracháin, working together with associate Manuel Hirlinger (Corporate/M&A) and partner Marc Vogelsang (Tax).

Niederer Kraft Frey advised SWISSto12 on the transactions. SWISSto12, one of the world’s fastest-growing aerospace companies and leading manufacturer of advanced satellite systems and radio frequency (RF) products, has secured EUR 73 million (USD 85.5 million) in financial support from European Space Agency (ESA) Member States through the HummingSat ARTES partnership project. In addition, SWISSto12 raised funding from European private investors, bringing its total funding to more than EUR 100 million (USD 117.2 million). Signaling strong institutional and private investor confidence in the company’s commercial potential and operational readiness, the funding will accelerate SWISSto12’s development and industrialization of Hummingsat, SWISSto12’s next-gen affordable, compact satellite, to meet growing demand for commercial and sovereign communications, as well as the scaling up its manufacturing capacity and accelerating new product innovations. These initiatives address increasing global demand for cost-effective, agile and sovereign communications in both government and commercial sectors. The investment will also allow SWISSto12 to further develop its phased-array antenna technologies to be used onboard LEO/MEO/GEO satellite payloads and ground products such as user terminals. The NKF team was led by Corporate/M&A partner Jacques Bonvin, working with associate Boris Catzeflis (Corporate/M&A and Technology).

Niederer Kraft Frey is acting as counsel to EFG International on the acquisition of 100 percent of Quilvest (Switzerland) Ltd, a pure-play Swiss private bank with an established footprint in Latin America, strong focus on ultra-high net worth individuals (UHNWI) and a long-standing and successful track record in advising on private market investments. The closing of the transaction is expected in the third quarter of 2026 and subject to regulatory approval. Quilvest Switzerland was founded in 1932 by the Argentinian Bemberg family and is fully owned by Bemberg Capital, a Luxemburg-based holding of the family. The bank is headquartered in Zurich and has an established presence in Montevideo, Uruguay. It has approximately CHF 5.3 billion of client assets, of which CHF 3.9 billion are Assets under Management and CHF 1.4 billion Assets under Custody. Its business focuses on serving UHNWIs domiciled in Latin America, Western Europe including Switzerland and the Middle East. UHNW and HNW clients account for more than 90% of total AuM. The NKF team was co-led by Corporate/M&A partners Philippe Weber and Thomas Brönnimann, working with associate Manuel Hirlinger and junior associate Sandja Kozina (both Corporate/M&A), counsel Yannick Wettstein and senior associate Florian Steiner (both Regulatory), and associates Luisa Egli and Stephanie Huchler (both Employment).

Niederer Kraft Frey advised medermis clinics on its acquisition of Dermazentrum Schaffhausen AG. medermis clinics is a leading provider of dermatological, phlebological and aesthetic healthcare services, operating 73 locations in Germany and Switzerland, with more than 1’500 employees including 300 physicians. Dermazentrum Schaffhausen AG is an established dermatology practice offering a broad range of medical dermatology services. This acquisition marks a strategic step in expanding medermis clinics’ presence in the Schaffhausen region. The NKF team was co-led by partner Moritz Maurer and senior associate Samuel Hochstrasser (both Corporate/M&A), working with partner Janine Reudt-Demont (Healthcare/Regulatory), senior associate Alexander Göbel, associates Alexandra Neuenschwander, Sabrina Gysi and Kevin Melchior Ebener (all Corporate/M&A) and associate Yannik Bleiker (Real Estate).

Niederer Kraft Frey advised CVC as Swiss law advisor on its acquisition of Animal Nutrition & Health (ANH) from dsm-firmenich via a carve-out transaction for an enterprise value of EUR 2.2 billion. The transaction includes an earn-out of up to EUR 0.5 billion, with dsm-firmenich retaining a 20 percent equity stake in the divested ANH business alongside CVC. CVC is a leading global private markets manager focused on private equity, secondaries, credit and infrastructure with a global network of 30 local offices and EUR 205 billion of assets under management. ANH is a global provider of science-based animal nutrition and health solutions. The business offers products ranging from vitamins and premixes, to feed additives that improve animal health, performance, feed efficiency and sustainability across livestock production. ANH helps producers deliver high-quality animal protein while reducing environmental impact. The NKF team was led by Corporate/ M&A partners Patrik Peyer and Moritz Maurer and senior associate Alexander Göbel, working with associates Alexandra Neuenschwander and Nadine Wanner (both Corporate/ M&A), partner Andreas F. Vögeli, associates Yannik Bleiker and Jessica Messerli (Real Estate), partner Janine Reudt-Demont and associate Luisa Egli (both Regulatory), partner Philip Spoerlé (Finance), partner Andreas Casutt and associate Sabrina Gysi (Employment), partner Simon Bühler and associate Antonio Gramunt (both Pensions), partner Roman Sturzenegger and associate Anastasia Herger (Restructuring) as well as counsel Marc Vogelsang (Tax). White & Case acted as lead counsel. The White & Case team was led by Stefan Koch, Ben von Maur, Carlo Meert, Carola Glasauer and Joshua Crawley.

Niederer Kraft Frey advised L.E.S.S. SA on its series C financing round. L.E.S.S. SA, which develops ultra-thin nano active fiber lighting solutions for industrial vision, automotive applications and medical illumination, has successfully closed a USD 22 million (CHF 17 million) series C financing. L.E.S.S. SA is a Swiss high-tech scale-up, founded in 2012, that designs, develops and manufactures advanced lighting solutions based on its proprietary nano-active fiber technology. The LuxiBright® technology delivers ultra-bright, ultra-uniform and ultra-thin lighting systems that outperform traditional LED technology in precision, efficiency and flexibility. These solutions are used across demanding technical applications such as industrial machine vision (for precise inspection), automotive lighting (including high-end signal and contour lights), and medical illumination, addressing both performance and energy-efficiency needs. Driven by the expertise and determination of the #FearLESSTeam, L.E.S.S. SA recently presented the world’s first series production vehicle featuring LuxiBright® technology marking a major milestone in automotive lighting, combining cutting-edge technology with visionary design. The financing will be used to scale up the business. The NKF team was led by Corporate/M&A and Technology partner Jacques Bonvin, working with partner Andrea Wuerzner (Corporate/M&A) and associate Boris Catzeflis (Technology).

13 April 2026 Niederer Kraft Frey has advised Swiss global private banking group EFG International with respect to EFG Bank’s offering and issuance of new CHF 130 million senior unsecured bonds 2026 – 2032 and the concurrent first reopening for CHF 140 million under the existing CHF 125 million senior unsecured bonds 2025 – 2029. EFG Bank successfully closed the issuance of new CHF 130 million domestic senior unsecured bonds with a 6-year maturity and a fixed annual coupon of 1.2350 percent with Swiss investors. Concurrently, EFG Bank completed the first reopening under the existing CHF 125 million 0.9625 percent senior unsecured bonds 2025 – 2029 by issuing CHF 140 million additional domestic senior unsecured bonds, bringing the total outstanding amount of that 2025 – 2029 issuance to CHF 265 million. The bonds are listed on SIX Swiss Exchange and are expected to be included in the domestic segment of the Swiss Bond Index (SBI). The transaction follows EFG Bank’s successful inaugural placement and issuance in June 2024 of CHF 370 million dual-tranche senior unsecured bonds comprising of CHF 230 million with a 3-year maturity and CHF 140 million with a 6-year maturity, the placement and issuance in March 2025 of CHF 340 million dual-tranche senior unsecured bonds comprising of CHF 175 million with a 3-year maturity and CHF 165 million with a 6-year maturity, and the issuance in June 2025 of CHF 125 million senior unsecured bonds with a 4-year maturity and a fixed annual coupon of 0.9625. Deutsche Bank AG London Branch, acting through Deutsche Bank AG Zurich Branch and Zürcher Kantonalbank acted as Joint Lead Managers The NKF team was led by Capital Markets partner Daniel Bono and included partner Philippe Weber, senior associate Giulia Ghezzi and associate Manuel Hirlinger (all Capital Markets).

25 March 2026 Kandou AI, a leader in high-speed, energy-efficient connectivity and system solutions for the AI era successfully closed a USD 225 million strategic investment round with backing from strong financial and strategic investors. The oversubscribed Series-A round was led by Maverick Silicon with strategic participation from SoftBank Group Corp., Synopsys, Inc., Cadence Design Systems, Inc. and Alchip Technologies Limited, signaling strong market conviction in Kandou AI’s mission to solve the critical data movement challenges in AI infrastructure. Several existing investors also participated in the financing round. Founded to advance high-speed, longer reach, low power connectivity solutions, Kandou AI is a fabless semiconductor design company that leverages its differentiated interconnect IP and system design capabilities to build high-performance connectivity products for customers across datacenter infrastructure, AI, and consumer electronics, with over 20 million silicon units shipped using its technology. Kandou AI is headquartered in Saint-Sulpice, Switzerland, with offices worldwide. Niederer Kraft Frey advised several investors on this strategic investment transaction. The NKF team was co-led by Transactions partners Philip Spoerlé and Andrea Giger and further comprised partner Adrian Koller and associates Victoria Hotz and Peter-Conradin Schreiber (all Transactions), partner Janine Reudt-Demont and associate Luisa Egli (both IP/ IT/ Data Protection/ Regulatory) and counsel Marc Vogelsang (Tax).

26 March 2026 Niederer Kraft Frey advised PAVE Space on landmark seed round. PAVE Space, a Swiss space infrastructure company headquartered in Lausanne, has raised USD 40 million in seed funding to develop a new generation of spacecraft designed to move satellites rapidly between orbits. The investment – one of the largest seed investments in the global space sector in recent years – will enable PAVE Space to transition from development into real-world testing and early commercial operations. Founded in 2024 by Julie Böhning (CEO) and Jérémy Marciacq (CTO) – who began building rockets together as students at EPFL – PAVE Space is developing a family of orbital transfer vehicles (OTVs) capable of transporting satellites from low Earth orbit (LEO) to higher-energy destinations, including geostationary orbit (GEO), medium Earth orbit (MEO), and lunar trajectories, in under 24 hours. The technology directly addresses one of the most pressing logistical bottlenecks of the rapidly expanding space economy. PAVE Space’s flagship product, a heavy kickstage vehicle, delivers satellites to higher-energy orbits quickly and reliably. By replacing the conventional electric orbit-raising process, the platform substantially reduces mission timelines and overall mission costs. This capability is attracting growing interest from both commercial operators and defense and institutional customers requiring rapid, flexible orbital mobility. Alongside its flagship system, PAVE Space is developing a smaller, mobile platform purpose-built for responsive missions and dual-use applications, enabling satellites and payloads to reposition across orbital slots with speed and precision. PAVE Space’s seed financing was led by Visionaries Club and Creandum, with participation from Lombard Odier Investment Managers, Atlantic Labs, Sistafund, b2venture, ACE Investment Partners, Ilavaska Vuillermoz Capital, Pareto and Motier Ventures. The NKF team was led by Corporate/M&A and Technology partner Jacques Bonvin, working alongside partner Andrea Wuerzner (Corporate/M&A), associates Boris Catzeflis (Corporate/Technology) and Luisa Egli (Corporate/IT/IP), and counsel Marc Vogelsang (Tax).

27 March 2026 Niederer Kraft Frey advised Vantage Education Group on the integration of IREM – Institute Real Estate Management. With this transaction, Vantage Education Group expands its network of specialized educational institutions and further strengthens its position as a leading provider of higher education in Switzerland. IREM – Institute Real Estate Management, based in Winterthur, is a specialized educational institution focused on the real estate industry. It offers practice-oriented courses, diploma programs, and exam preparation for both career starters and experienced professionals. IREM’s mission is to deliver practical expertise and prepare professionals for the demands of the real estate industry. Its continuing education portfolio ranges from foundation courses to programs preparing participants for federal diplomas. By joining Vantage Education Group, IREM will benefit from the group’s infrastructure and network, enabling further expansion of its educational offering. At the same time, IREM complements Vantage’s portfolio with its specialized competence area in the real estate sector. Both organizations share the goal to develop practical and forward-looking continuing education programs for key sectors of the Swiss economy. The NKF team was led by Corporate/M&A partner Manuel Werder, working with associate Naomi Loretz and junior associate Nora Arpagaus (both Corporate/M&A).

2 April 2026 Niederer Kraft Frey advised SHL Medical AG on its refinancing by a broad syndicate of lenders led by UBS Switzerland AG as mandated lead arranger, agent and security agent. Founded in 1989 and headquartered in Switzerland, SHL Medical AG is a world-leading provider of drug delivery solutions, such as autoinjectors, and a trusted partner to global pharmaceutical companies and biotech firms across 75 markets worldwide. The NKF team was led by Transaction partners Adrian Koller and Philip Spoerlé, working with associate Carlotta Ulmer and junior associate Barbara Bürgi (both Transactions).

10 April 2026 Niederer Kraft Frey advised Luzerner Kantonalbank AG acting as arranger, agent and security agent and the other members of the banking syndicate in connection with a refinancing for HOCHDORF Swiss Nutrition AG. HOCHDORF Swiss Nutrition AG is a Swiss market leader in milk processing, specialising in infant nutrition, powder and mixing technology for milk-based and alternative proteins. The NKF team was led by Transactions partners Adrian Koller and Ulysses von Salis, working with associate Alexander Züger and junior associate Barbara Bürgi (both Transactions), as well as counsel Marc Vogelsang (Tax).

A legacy of excellence. A future of innovation. Niederer Kraft Frey celebrates its 90th anniversary, marking nine decades of legal excellence, continuous growth and innovation. "Reaching our 90th anniversary is a milestone we celebrate with immense pride and gratitude,” says NKF Managing Partner Juerg Bloch. “It is a powerful testament to the trust our clients place in us and the remarkable strength of our team. We are grateful to all those who have been part of this journey and look forward to continuing to support our clients over the next 90 years." Founded in Zurich in 1936, NKF has evolved from a small practice into a leading Swiss corporate full-service law firm with offices in Zurich and Geneva, building a strong track record and advising clients in Switzerland and around the world. Today, the firm advises clients across a broad range of practice areas, including Antitrust / Competition, Banking, Finance & Regulatory, Capital Markets, Commercial, Compliance, Corporate/M&A, Dispute Resolution, Employment, ESG, Intellectual Property, Investigations & White Collar, Life Sciences & Healthcare, Private Clients, Private Equity, Real Estate, Sports, Tax and Technology. NKF has earned a strong reputation for delivering high-quality legal advice through a forward-thinking, innovative approach. The firm embraces technology as a driver of excellence, integrating AI-powered tools such as Legora to streamline processes and enhance efficiency, allowing its lawyers to dedicate their expertise to the most complex and high-value matters. Talent is at the heart of NKF's success. The firm's distinctive talent programme has been repeatedly recognised by BEST RECRUITERS, earning four Gold and two Silver awards in recent years, cementing its standing as one of Switzerland's leading employers in the legal sector. Renowned internationally for its strong cross-border practice, NKF offers clients a diverse team, bringing together foreign-qualified associates and Swiss-qualified lawyers in seamless collaboration. This enables the firm to deliver cohesive, high-quality advice on the most complex international matters. NKF consistently achieves top-tier rankings in the leading industry directories, including Chambers, Legal 500 and IFLR. The firm's excellence has also been recognised through prestigious accolades, among them European Law Firm of the Year by The Lawyer and National Firm of the Year at the IFLR Europe Awards. About NKF Niederer Kraft Frey is a leading Swiss full-service law firm with offices in Zurich and Geneva, offering a full range of legal services with an international perspective. NKF works closely with clients to achieve strategic objectives, foster business growth, and navigate complex challenges.

Niederer Kraft Frey advised the buyers on all aspects of the acquisition (including the financing of the acquisition) of the OPAL Associates AG (OPAL) headquartered in Switzerland together with its subsidiaries in Germany and Austria. OPAL is a leading AutoID system integrator, providing innovative software solutions and services for complex logistics, supply chain systems and SAP®. Founded in Switzerland in 1996, OPAL supports more than 2,700 customers with solutions across the entire automatic data capture value chain, combining hardware, proprietary software and services. The transaction marks an important step in ensuring the long-term development of OPAL, building on its strong market position, long-standing customer relationships and scalable business model. The NKF team was led by Corporate/M&A partner Manuel Werder, working with partner Adrian Koller (Finance), associate Naomi Loretz and junior associate Nora Arpagaus (both Corporate/M&A), associates Carlotta Ulmer and Alexander Züger (both Finance), junior associate Julius Agosti (M&A/Finance) and counsel Marc Vogelsang (Tax).

CGS III (Jersey) L.P. has successfully sold 2,532,055 shares in R&S Group Holding AG (SIX: RSGN) by way of a block trade to a group of Swiss and international investors.The sold stake represented 6.8 percent of R&S Group’s share capital and 50 percent of CGS’s holding in the company. Niederer Kraft Frey represented CGS in the transaction. The NKF team was led by Capital Markets partners Philippe Weber and Deirdre Ni Annrachain, working with associate Benedikt Hadorn (Capital Markets).