Deals & Cases

Deals & Cases

February 2016

BTG Pactual to sell BSI SA to EFG International

On February 21, 2016, Banco BTG Pactual S.A. (BTG Pactual) and EFG International AG (EFGI), the listed Swiss private wealth manager, entered into a definitive agreement regarding the sale and purchase of all the shares of BSI SA, a Swiss private bank with headquarters in Lugano. The purchase price consists in a cash payment of CHF 975 million and, subject to dilution adjustment, 52.6 million listed EFGI shares to be created by way of a contribution in kind. The transaction creates a leading Swiss-based wealth and asset management group with approx. CHF 170 billion in assets under management. As a result of the transaction, BTG Pactual will become a significant shareholder of EFGI with an interest of approx. 20% of the share capital and voting rights of EFGI. Completion of the transaction is subject to customary closing conditions for a transaction of this kind, including receipt of required regulatory approvals, and is expected to occur in the second half of 2016.

Lenz & Staehelin is advising BTG Pactual in this transaction. The team included Partners Hans-Jakob Diem (Corporate, Lead), Pascal Hinny (Tax), Astrid Waser (Antitrust) and Patrick Schleiffer (Corporate, ECM), and Associates Simone Ehrsam, Nicolas Bonassi, Nicolas Jacquemart, Stefan Brandner and Lukas Aebi.

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