NZZ increases stake in APG SGA – APG Shareholders approve Opting-up

APG SGA AG, the leading out-of-home advertising company listed on the SIX Swiss Exchange, announced on January 23, 2026 that its shareholders approved a so-called opting-up provision clearing the way for Aktiengesellschaft für die Neue Zürcher Zeitung (NZZ) to increase its stake from 25% to 45% by acquiring shares from existing shareholders JCDecaux SE and Pargesa Asset Management SA. As required under Swiss takeover rules, the opting-up was approved also by a majority of the company’s disinterested shareholders, in line with the recommendation by APG’s independent board committee. The opting-up exempts NZZ from the requirement to make a public tender offer to all shareholders in connection with this transaction and will allow it to proceed, subject to regulatory approvals. The transaction is based on a share price of CHF 220 resulting in a total value of CHF 132m; closing is expected in the second quarter of 2026.

Lenz & Staehelin advises APG SGA in this transaction. The team is led by Matthias Wolf and Jacques Iffland and includes Nicolas Lehmann, Lucas Gericke, Ilya Skurikhin and Manon Schläpfer (all Corporate and M&A), with Astrid Waser providing antitrust advice.