Valartis Group sells its Credit Card Business to Cornèr Banca

On November 23, 2011, Valartis Group AG, Valartis Bank AG and Cornèr Banca SA, Lugano, entered into a definitive agreement regarding the sale of all the shares of Valartis Bonus Card AG, a credit, prepaid and gift card business fully owned by Valartis Group AG and its affiliate Valartis Bank AG, to Cornèr Banca SA, for a cash consideration of approx. CHF 40 million. The closing of the transaction is subject to usual conditions precedent and is expected to occur before the end of 2011.

Lenz & Staehelin advises Valartis Group in this transaction. The team includes Hans-Jakob Diem (Partner, lead), Andreas Hinsen and Stefan Scherrer (both corporate), Philipp Jermann (IT) and Marc-Philippe Prinz (Employment).