Homburger advised Metall Zug AG and V-ZUG Holding AG in connection with the spin-off of V-ZUG Holding AG and listing of the shares in V-ZUG Holding AG on SIX Swiss Exchange
On June 25, 2020, Metall Zug AG (Metall Zug) and V-ZUG Holding AG (V-ZUG) announced that they had completed the spin-off of V-ZUG from Metall Zug. Within the framework of the spin-off, shareholders of Metall Zug were issued shares in V-ZUG as a dividend in kind, as resolved by the ordinary general meeting of Metall Zug held on April 24, 2020, in proportion to their economic shareholdings in Metall Zug. Following the spin-off, approximately 30% of the shares in V-ZUG will remain with Metall Zug. As part of the spin-off, the shares in V-ZUG were listed on SIX Swiss Exchange (SIX). The first day of trading on SIX of the shares in V-ZUG was June 25, 2020. With a number of anchor shareholders each holding more than 5% of the share capital of V-ZUG together accounting for approximately 31%, the free float of the shares in V-ZUG on the first day of trading was estimated to be approximately 39%. At the opening price of CHF 72 per share, the implied market capitalization of V-ZUG was approximately CHF 462.9 m.
Based in Zug, Switzerland, and with a corporate history spanning more than 100 years, V-ZUG is a market leader in Switzerland in the household appliances sector. The product portfolio includes ovens, steam cookers, microwave ovens, in-wall coffee brewers, hobs, range hoods, dishwashers, washing machines, tumble dryers, washer-dryers and refrigerators. With more than 2,000 employees and operations throughout Europe, Australia, China, Hong Kong and Singapore, V-ZUG generated net revenues totaling CHF 543.6 m in 2019.
Homburger AG acted as legal counsel to each of Metall Zug and V-ZUG. Zürcher Kantonalbank acted as financial advisor and listing agent on the transaction. The Homburger team comprised partner Claude Lambert, associate Lorenzo Togni and junior associate Oliver Kneubühl (all Corporate / M&A and Capital Markets).