Homburger

On September 29, 2025, UBS Group AG successfully completed its offering of AUD 1.25 bn in aggregate principal amount of 6.375 per cent. Tier 1 Capital Notes. The Notes are "high trigger" regulatory capital instruments that are eligible to fulfill UBS Group AG’s Swiss going concern requirements. Upon occurrence of a "Trigger Event" or a "Viability Event", the Notes will be converted into ordinary shares of UBS Group AG in accordance with their terms. The Notes are governed by Swiss law and have been admitted to trading and are listed on the SIX Swiss Exchange. The Homburger team was led by Benedikt Maurenbrecher and Stefan Kramer (both Capital Markets) and included Lee Saladino and Olivier Baum (both Capital Markets) as well as Stefan Oesterhelt (Tax).

On September 29, 2025, Landis+Gyr Group AG, a leading global provider of integrated energy management solutions, announced that it has entered into a share purchase agreement to divest its operations in the Europe, Middle East and Africa (EMEA) region to AURELIUS, a global private equity investor, for an enterprise value of USD 215 m. The transaction encompasses the full metering portfolio for residential electricity, ICG electricity, gas, thermal, water, as well as the related integrated solutions for software and services. The divestment includes five production sites across the region and involves a workforce of approximately 2,700 employees. The transaction is subject to customary regulatory approvals and other closing conditions, and is expected to close in Q2 2026. The Homburger team is led by Daniel Hasler (Corporate / M&A) and includes Anna Peter, Patrick Schmidt, Nicola Togni, Carlo Sulser, Filip Lapadatovic and Fabio Gasser (all Corporate / M&A), Gregor Bühler, Philippe Baumann, Joel Fink and Kristina Martinovic (all IP / IT), Reto Heuberger, Philippe Weber and Juliette Buob (all Tax), Peter Müller (Pension), Richard Stäuber (Competition), as well as Jürg Frick and Stefan Bindschedler (both Financing). Contact Johanna Schmid / Marketing / [email protected]

On August 29, 2025, September 17, 2025 and September 30, 2025, respectively, 21Shares AG, a leading global issuer of crypto exchange traded products (ETPs), successfully issued and listed three new series of crypto-linked ETPs on the SIX Swiss Exchange. The first series, 21Shares Hyperliquid ETP (HYPE), has Hyperliquid (HYPE) as underlying, the native token of Hyperliquid, a high-performance Layer 1 blockchain featuring a fully on-chain order book perpetuals exchange. The second series, 21Shares Raydium ETP (ARAY) tracks the performance of Raydium (RAY), the native utility token of an automated market maker and liquidity provider Raydium built on the Solana blockchain for the Serum decentralized exchange, that is used for staking to earn protocol fees, staking to receive IDO allocations and governance votes on protocol decisions. The third series, 21Shares Jupiter ETP (AJUP) is linked to Jupiter (JUP), the native cryptocurrency of the decentralized exchange aggregator and decentralized finance platform on the Solana blockchain Jupiter. All of these ETPs are traded in the trading currencies USD and EUR. Further, on August 12, 2025, and September 16, 2025 21Shares AG successfully cross-listed three existing series of crypto-linked ETPs on the SIX Swiss Exchange. The first series, the 21Shares XDC Network ETP (XDCN), tracks the performance of XDC Network (XDC), the cryptocurrency that serves as the native utility token powering the XDC Network, a blockchain developed to support trade finance and the tokenization of real-world assets. The second series, the 21Shares Sui Staking ETP (ASUI), has Sui (SUI) as underlying, a native token of Sui network, a Layer 1 blockchain optimizing for low-latency blockchain transfers. The last series, the 21Shares Chainlink ETP (LINK), is linked to the performance of Chainlink (LINK), the cryptocurrency of Chainlink (LINK), the decentralized oracle network that connects smart contracts with off-chain data and services. These ETPs are traded on the SIX Swiss Exchange in the trading currency USD. Homburger acted as Swiss legal counsel to 21Shares AG. The Homburger team was led by Benjamin Leisinger and included Sofiya Shavlak (both Capital Markets).

On September 17, 2025, Luzerner Kantonalbank AG issued CHF 200 m 1.400% Tier 2 Bonds. Luzerner Kantonalbank AG and UBS AG acted as joint-lead managers. The bonds will be listed on the SIX Swiss Exchange. Homburger acted as counsel to Luzerner Kantonalbank AG. The Homburger team consisted of Benjamin Leisinger and Eduard De Zordi (both Capital Markets).

On September 23, 2025, UBS Group AG successfully completed its issuance of (i) USD 1.25 bn Fixed Rate/Floating Rate Callable Senior Notes due December 2029, (ii) USD 700 m Floating Rate Callable Senior Notes due December 2029, (iii) USD 1 bn Fixed Rate/Floating Rate Callable Senior Notes due September 2031, (iv) USD 300 m Floating Rate Callable Senior Notes due September 2031, and (v) USD 1.75 bn Fixed Rate/Floating Rate Callable Senior Notes due March 2037 under its Senior Debt Programme. The Notes are bail-inable (TLAC) bonds that are eligible to count towards UBS Group AG's Swiss gone concern requirement. The Notes are governed by Swiss law and the Notes have been provisionally admitted to trading, and application has been made for definitive admission to trading and listing of the Notes, on the SIX Swiss Exchange. Homburger advised UBS Group AG with respect to all regulatory and transactional aspects of Swiss law. The Homburger team was led by Stefan Kramer and Benedikt Maurenbrecher and included Lee Saladino and Olivier Baum (all Capital Markets), as well as Stefan Oesterhelt (Tax).   Contact Nanding Susso / Marketing / [email protected]

On July 17, 2025, Madrigal Pharmaceuticals, Inc., a biopharmaceutical company focused on delivering novel therapeutics for metabolic dysfunction-associated steatohepatitis (MASH), a serious liver disease with high unmet medical need, secured a USD 500 m senior secured credit facility from Blue Owl Capital to advance its pharmaceutical pipeline. On September 4, 2025, Madrigal’s Swiss subsidiary, Madrigal Pharmaceuticals GmbH, acceded as guarantor and security provider to this financing. Homburger advised Madrigal, in particular its Swiss subsidiary Madrigal Pharmaceuticals GmbH, with regard to all Swiss legal aspects of the financing transaction. The Homburger team was led by Daniel Haeberli and included Fabrice Eckert, Luca Gmür and Yulia Shaburnykova (all Financing) as well as Stefan Oesterhelt (Tax). Contact Wanda Schweda / Marketing / [email protected]

On September 9, 2025, Givaudan Finance Europe B.V. successfully completed its issuance of EUR 500 m 2.875 per cent. Guaranteed Bonds due 2029 guaranteed by Givaudan SA. The Bonds are governed by English law and listed on Euronext Dublin. The Homburger team was led by Daniel Haeberli and included Daniel Hulmann (both Capital Markets) and Stefan Oesterhelt (Tax). Contact Wanda Schweda / Marketing / [email protected]

On September 9, 2025, UBS Switzerland AG successfully completed its issuance of EUR 1 bn 2.783 per cent. Fixed Rate Covered Bonds due September 9, 2030, under its Covered Bond Programme. The Covered Bonds are governed by Swiss law and are listed on SIX Swiss Exchange. The Covered Bonds are indirectly backed by a portfolio of mortgages from UBS Switzerland AG’s domestic mortgage pool. The Homburger team was led by Stefan Kramer and Benedikt Maurenbrecher and included Daniel Hulmann, Yulia Shaburnykova and Céline Rüegg (all Capital Markets) as well as Stefan Oesterhelt (Tax). Contact Wanda Schweda / Marketing / [email protected]

On August 13, 2025, UBS Switzerland AG successfully completed its issuance of CHF 235 m 0.560 per cent. Fixed Rate Covered Bonds due August 13, 2030, and CHF 275 m 0.935 per cent. Fixed Rate Covered Bonds due August 13, 2035, under its Covered Bond Programme. The Covered Bonds are governed by Swiss law and are listed on SIX Swiss Exchange. The Covered Bonds are indirectly backed by a portfolio of mortgages from UBS Switzerland AG’s domestic mortgage pool. The Homburger team was led by Stefan Kramer and Benedikt Maurenbrecher and included Daniel Hulmann, Sofiya Shavlak and Céline Rüegg (all Capital Markets) as well as Stefan Oesterhelt (Tax). Contact Wanda Schweda / Marketing / [email protected]

On September 8, 2025, The SPAR Group Ltd entered into an agreement to sell its entire shareholding in SPAR Holding AG including its Swiss business operations (SPAR Switzerland) to Tannenwald Holding AG. The sale has been completed with immediate effect. SPAR Switzerland operates approximately 358 stores and owns 11 cash & carry outlets and one distribution centre in Switzerland, all under several formats including SPAR, SPAR Express, EUROSPAR, Maxi and TopCC. The transaction reflects an equity value of CHF 46.5 m and includes potential earn-out payments of up to CHF 30 m due at the end of FY27 based on certain EBITDA milestones. The Homburger team was led by Frank Gerhard and comprised Patrick Schmidt, Carlo Sulser, Florian Bruggisser, Jannis Zafeirakos and Leon Indov (all Corporate / M&A), Richard Stäuber, Andreas Burger and Kristina Martinovic (all Competition), Stefan Oesterhelt, Reto Heuberger, Juliette Buob and Philippe Weber (all Tax), Stefan Bindschedler (Financing and Investment Products) as well as Luca Dal Molin and Noëmie Beck-Schär (both IP / IT) and Jeremy Reichlin (Employment). Contact Wanda Schweda / Marketing / [email protected]

September 8, 2025 On September 4, 2025, Zürcher Kantonalbank successfully completed a further offering of Bail-in Bonds in the amount of EUR 500 m. ZKB’s Bail-in Bonds, including the newly placed EUR 500 m 3.153% 6NC5 Bail-in Bonds, have been designed and issued on the basis of a legal framework allowing Cantonal Banks to issue Total-Loss-Absorbing-Capacity (Gone-Concern Capital) Bonds. If FINMA orders the partial or complete reduction of the bondholders’ claims under the Bail-in Bonds, the bondholders are entitled to receive Recovery Certificates. Such Recovery Certificates include claims, subject to multiple conditions precedent, for subsequent future compensation payments for the full or partial reduction of the bondholders’ claims under the Bail-in Bonds. BNP PARIBAS, Deutsche Bank, UBS Investment Bank and Zürcher Kantonalbank acted as Joint Lead Managers. The team was led by Benjamin Leisinger and included Daniel Hulmann (both Capital Markets and Financial Market Regulation). Tax aspects were covered by Dieter Grünblatt (Tax).   Contact Wanda Schweda / Marketing / [email protected]

Homburger AG acted as Swiss counsel to RV AIP S.C.S. SICAV-SIF acting for partial fund RV TF ACQUISITION FINANCING in its capacity as lender in connection with EUR 31 m credit financing of European AV Group. The Homburger team was led by Daniel Haeberli (Financing) and included Simone Gloor and Céline Rüegg (both Financing) as well as Stefan Oesterhelt (Tax). Contact Gloria Pünchera / Marketing / [email protected]

On August 11, 2025, UBS Group AG successfully completed its issuance of EUR 1.25 bn in aggregate principal amount of Fixed Rate/Fixed Rate Callable Senior Notes due 2036 and EUR 750 m in aggregate principal amount of Fixed Rate/Fixed Rate Callable Senior Notes due 2031 under its Senior Debt Programme. The Notes are bail-inable (TLAC) bonds that are eligible to count towards UBS Group AG's Swiss gone concern requirement. The Notes are governed by Swiss law and the Notes have been provisionally admitted to trading, and application has been made for definitive admission to trading and listing of the Notes, on the SIX Swiss Exchange. The Homburger team was led by Stefan Kramer and Benedikt Maurenbrecher (both Capital Markets) and included Lee Saladino and Daniel Hulmann (both Capital Markets) as well as Stefan Oesterhelt (Tax). Contact Johanna Schmid / Marketing / [email protected]

On August 5, 2025, UBS Group AG successfully completed its offering of USD 1,250,000,000 in aggregate principal amount of 7.000 per cent. Tier 1 Capital Notes and USD 750,000,000 in aggregate principal amount of 6.600 per cent. Tier 1 Capital Notes. The Notes are «high trigger» regulatory capital instruments that are eligible to fulfill UBS Group AG’s Swiss going concern requirements. Upon occurrence of a «Trigger Event» or a «Viability Event», the Notes will be converted into ordinary shares of UBS Group AG in accordance with their terms. The Notes are governed by Swiss law and have been admitted to trading and are listed on the SIX Swiss Exchange. The Homburger team was led by Stefan Kramer and Benedikt Maurenbrecher (both Capital Markets) and included Lee Saladino and Olivier Baum (both Capital Markets) as well as Stefan Oesterhelt (Tax). Contact Johanna Schmid / Marketing / [email protected]

Homburger acted as counsel to Swarovski International Holding AG and its Subsidiaries in connection with an up to EUR 550 m financing, with UBS Switzerland AG as Coordinating and Bookrunning Mandated Lead Arranger, Facility Agent and Security Agent and BNP PARIBAS, Paris, Lancy/Geneva Branch and Zürcher Kantonalbank as Coordinating and Bookrunning Mandated Lead Arrangers as well as an international and Swiss syndicate of banks as Lenders. Homburger advised Swarovski with regard to all Swiss legal aspects of the financing transaction. The Homburger team was led by Jürg Frick (Financing and Investment Products) and included Nathalie Scherrer and Sarah Fasel (both Financing) as well as Stefan Oesterhelt (Tax). Contact Wanda Schweda / Marketing / [email protected]

Homburger acted as counsel to UBS Switzerland AG as mandated lead arranger, agent, security agent and original lender in connection with the financing of 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, by Ardian. Dovida provides person-centered 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. Homburger advised UBS Switzerland AG with regard to all Swiss legal aspects of the financing transaction. The Homburger team was led by Jürg Frick and included Stefan Bindschedler, Nathalie Scherrer and Sarah Fasel (all Financing) as well as Stefan Oesterhelt (Tax). Contact Wanda Schweda / Marketing / [email protected]

On June 2, 2025, the German vehicle inspection company DEKRA SE announced the acquisition of an additional stake in Spearhead AG, a Swiss company specializing in data analytics for automotive claims and vehicle lifecycle management. As a result of the transaction, DEKRA SE became the majority shareholder of Spearhead AG. Homburger acted as legal counsel to DEKRA SE. Gregor Bühler (IP / IT) led the Homburger team, which included Romain Fakhoury-Hondius (Corporate / M&A) and Philippe Baumann (IP / IT). Contact Nanding Susso / Marketing / [email protected]

On June 30, 2025, Yoda PLC, a Cyprus-based investment corporation listed on the Cyprus stock exchange (CSE: YODA), announced the completion of its investment into ULTIMA CAPITAL SA, a Swiss luxury real estate owner, developer and operator listed on BX Swiss (BX: ULTIMA). As part of the transaction, Yoda has transferred to Ultima, by way of a contribution in kind, 100% of the issued share capital of its wholly-owned subsidiary Bakaso Holdings Limited at a contribution value of CHF 120.0 m in exchange for 2,000,000 newly-issued shares in Ultima. Bakaso indirectly owns various commercial properties valued at approximately EUR 133.7 m primarily in the food and beverage and retail sector located in the areas of Psarrou and Ano Mera, Mykonos, Greece, including the Nammos beach-bar restaurant and the seven-building Nammos Village retail area. As a result of the transaction, Yoda increased its shareholding in Ultima from previously approximately 53.8% to approximately 64.0% post-completion. Homburger advised Yoda on all aspects of the transaction. The Homburger team was led by Lorenzo Togni and included Jonas Stähli and Viviane Egli (all Corporate / M&A) as well as Claudia Suter and Philippe Weber (both Tax). Stefan Blunschi and Micha Frankhauser (both Corporate / M&A) also contributed to the transaction. Contact Nanding Susso / Marketing / [email protected]

On June 25, 2025, Idorsia Ltd published its public repurchase offer (the Exchange Offer) to exchange its CHF 200 m senior unsecured convertible bonds due 2025 and its CHF 600 m senior unsecured convertible bonds due 2028 (the Bonds). The Bonds will be exchanged for an offer consideration consisting of (i) a series of newly issued „Pay-If-You-Can“ notes with waterfall rankings issued by a Luxembourg special purpose subsidiary, which will be listed on the International Stock Exchange, (ii) shares of Idorsia Ltd and (iii) warrants of Idorsia Ltd. The Swiss Takeover Board has made determinations and granted exemptions regarding the Exchange Offer in its ruling dated June 5, 2025. The Exchange Offer is part of the holistic restructuring and refinancing of the Idorsia group announced by Idorsia Ltd on February 26, 2025. The Homburger team was led by Frank Gerhard (Corporate / M&A, Capital Markets) and included Marco Rostetter (Corporate / M&A, Restructuring / Insolvency), Micha Fankhauser, Estelle Piccard and Anina Preusker (all Corporate / M&A) as well as Eduard De Zordi and Daniel Hulmann (both Capital Markets). Contact Johanna Schmid / Marketing / [email protected]

On June 19, 2025, Julius Baer Group Ltd. issued EUR 500 m notes (the Notes). The issuance occurred indirectly through the ELM issuance vehicle, a repackaging issuance entity incorporated in the Netherlands. The Notes will be listed on Euronext Dublin. For the Notes, UBS AG, London Branch, BNP PARIBAS, Citigroup Global Markets Europe AG and J.P. Morgan SE acted as Joint Lead Managers. The Homburger team was led by Benjamin Leisinger and Eduard De Zordi (both Capital Markets). Tax aspects were covered by Stefan Oesterhelt (Tax). Contact Johanna Schmid / Marketing / [email protected]