Corporate / M&A

Capital Markets

Adecco_Group

On September 7, 2021, Adecco Group AG (Ticker: ADEN) successfully raised approximately EUR 232.29 m (CHF 252.96 m) through the placement of 5.1 m new shares by way of an accelerated bookbuild offering. The offering was done by way of a private placement exclusively to professional investors in Switzerland, outside of Switzerland and the United States to institutional investors (in reliance on Regulation S under the U.S. Securities Act of 1933) and in the United States to qualified institutional buyers (in reliance on Rule 144A under the U.S. Securities Act of 1933). The first day of trading of the new shares on the SIX Swiss Exchange is September 9, 2021. Closing will take place on September 10, 2021. Adecco Group intends to use the net proceeds from the Capital Increase to fund, in part, the acquisition of AKKA Technologies, which was announced on  July 28, 2021.
BofA Securities, J.P. Morgan and UBS acted as Joint Global Coordinators and Joint Bookrunners for the Capital Increase. Société Générale acted as Co-Bookrunner.
Homburger advised Adecco Group with respect to all aspects of Swiss law. The Homburger team was led by partners Daniel Daeniker (Corporate / M&amp;A and Capital Markets) and Benjamin Leisinger (Capital Markets) and included counsel Eduard De Zordi (Capital Markets) as well as associate Carlo Sulser (Corporate / M&amp;A).

Homburger advised Adecco Group in the Accelerated Bookbuild Offering of approximately EUR 232.29 m

Competition

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Financing and Investment Products

Clariant

On June 14, 2021, Clariant announced that it has reached an agreement for the divestment of its Pigments business to a consortium of Heubach Group and SK Capital Partners. At the time of closing of the transaction, Clariant will reinvest to become a 20% shareholder alongside Heubach Group and SK Capital Partners in the ultimate holding company (holding the combined Clariant-Heubach Pigments business) at an enterprise value of CHF 805 m to CHF 855 m on a cash and debt free basis, depending on an earn-out payment of CHF 50 m contingent on the 2021 financial performance of Clariant’s Pigments business. The combined business will be a global pigments player with approximately 3,000 employees generating more than EUR 900 m in annual sales and strong service and production capabilities across the globe.
The transaction is expected to close in the first half of 2022, subject to receipt of applicable regulatory approvals and the satisfaction of other closing conditions. Once completed, Clariant will have finalized its intended divestments as part of its portfolio upgrade, having previously divested its Healthcare Packaging and Masterbatches businesses. The Pigments divestment concludes Clariant’s transformation into a high value specialty chemical company with above-market growth, higher profitability, and stronger cash generation.
Homburger acts as global lead counsel to Clariant. The Homburger team is led by partners Frank Gerhard and Daniel Hasler and comprises lead associate Stefan Blunschi, associates Carlo Sulser, Marc Schamaun, Nicola Togni, junior associates Lars Göldi, Rafael Winter, Severin Egloff, Luzius Kaufmann and Urs Stürmer (all Corporate / M&amp;A), partners Marcel Dietrich, Richard Stäuber, counsel Andreas Burger, associates Allegra Arnold, Jonas Krull and Katharina Bratvogel (all Competition), partner Reto Heuberger, associates Marc Vogelsang and Arbnor Sheholli (all Tax), partner Gregor Bühler and associates Philippe Baumann and Daniel Lütolf (all IP / IT) as well as partner Jürg Frick (Financing and Investment Products).

Homburger advises Clariant on the divestment of its Pigments business to a consortium of Heubach Group and SK Capital Partners

On March 30, 2021, Qell Acquisition Corp. (Nasdaq: QELL), a publicly listed special purpose acquisition company, announced that it has entered into a definitive business combination agreement with Lilium GmbH, the global leader in regional electric air mobility. The transaction values the combined company at an implied $ 3.3 bn pro forma equity value.
The transaction is expected to close in the second quarter of 2021, subject to the approval by Qell Acquisition Corp.&#8217;s shareholders and the satisfaction or waiver of customary closing conditions. Upon closing of the transaction, the company will be called Lilium, and it is anticipated that ordinary shares will be listed on the Nasdaq under the ticker symbol LILM.
Homburger acted as Swiss counsel to Qell Acquisition Corp. in connection with the transaction. The Homburger team was led by senior partner Daniel Daeniker and included associates Carlo Sulser and Stefan Luginbühl as well as junior associate Tanja Niederer (all Corporate / M&amp;A).

Carlo
Sulser

Homburger advised Adecco Group in the Accelerated Bookbuild Offering of approximately EUR 232.29 m

Homburger advises Clariant on the divestment of its Pigments business to a consortium of Heubach Group and SK Capital Partners

Homburger advised Qell Acquisition Corp. in its definitive business combination agreement with Lilium GmbH

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Carlo Sulser

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CarloSulser

Homburger advised Adecco Group in the Accelerated Bookbuild Offering of approximately EUR 232.29 m

Homburger advises Clariant on the divestment of its Pigments business to a consortium of Heubach Group and SK Capital Partners

Homburger advised Qell Acquisition Corp. in its definitive business combination agreement with Lilium GmbH

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Carlo Sulser

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Carlo
Sulser