Sika makes binding offer to acquire Parex

On January 8, 2019 Sika made a binding offer to acquire Parex from its current owner CVC Fund V. Parex has an enterprise value of CHF 2.5 billion and is a leading manufacturer of mortar solutions including facade mortars, tile adhesives, waterproofing, and technical mortars. The closing of the transaction is subject to completion of French works council consultation process and receipt of required regulatory approvals, and is expected to occur in Q2/Q3 2019. The financing of the purchase price is secured by a bridge facility. Sika intends to put in place a long-term funding structure comprising a combination of cash-on-hand, bank loans, and capital market instruments.

Lenz & Staehelin is advising Sika in this transaction with respect to Swiss law. The team includes Rudolf Tschäni, Hans-Jakob Diem and Tino Gaberthüel (Corporate), Marcel Tranchet and Patrick Schleiffer (Finance) and Pascal Hinny (Tax), as well as associates Pascal Genoud and Patrick Schärli (Finance) and Stephan Brandner (Tax).