Homburger advises EQT on its sale of 10% in Galderma to L'Oréal

On August 5, 2024, L’Oréal and Galderma announced the acquisition of a 10% stake in Galderma Group AG from Sunshine SwissCo AG (a consortium led by EQT), Abu Dhabi Investment Authority (ADIA) and Auba Investment Pte. Ltd. (all acting as sellers), for a non-disclosed amount. In connection therewith, L’Oréal has agreed vis-à-vis Sunshine SwissCo AG to certain undertakings as part of a shareholders‘ agreement. Following the transaction, no changes to the Galderma board of directors and its governance are envisioned.

In addition, L’Oréal and Galderma have agreed to work towards a strategic scientific partnership that will leverage the undisputed expertise of both companies: Galderma’s across a broad range of dermatological solutions, and L’Oréal’s expertise in skin biology, diagnostic tools and evaluation methods.

Homburger acted as transaction counsel to EQT. The team was led by Frank Gerhard and Margrit Marti (both Corporate / M&A, Capital Markets) and comprises Estelle Piccard, Simone Schmid and Héloïse de Jamblinne (all Corporate / M&A), Stefan Oesterhelt (Tax), Richard Stäuber (Competition) as well as Micha Fankhauser (Financial Market Regulation).