On June 18, 2023, the Swiss people approved a constitutional amendment that enables the Federal Council to introduce, on the basis of a temporary ordinance, the global OECD/G20 minimum taxation with a so-called Effective Tax Rate (ETR) of 15 percent for multinational groups with a consolidated annual turnover of 750 million euros or more in Switzerland. All other companies are not affected by this reform.
The Federal Council will adopt the OECD/G20 model rules by means of a static reference. The model rules are also to be interpreted in accordance with the associated OECD/G20 commentary and guidance. A federal law will subsequently be enacted in the ordinary procedure. While the Federal Council is authorized to introduce the minimum taxation as early as effective January 1, 2024, it is expected that Switzerland will likely follow the EU timetable, to the extent the latter caters for effectiveness in the EU member states at a later date. Separately, the minimum taxation already has a retroactive effect, as the transitional rules already apply to certain transactions on or after November 30, 2021.
Companies to which the new regime applies will be subject to comprehensive documentation and declaration obligations. The cantons will be responsible for assessing and levying the minimum tax. A so-called one-stop-shop is planned: The canton in which the economically most significant unit of the group is domiciled is tasked with levying the minimum tax for all units in Switzerland. For interpretive questions arising as part of the implementation, the cantons may turn to a working group consisting of representatives of the cantonal tax administrations and the FTA. Affected companies can check specific questions of interpretation with their competent canton.

Yes to OECD/G20 Minimum Taxation

Corporate / M&A

Financing and Investment Products

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Homburger News

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On May 22, 2024, Swixx Biopharma, a Swiss-based global commercial platform dedicated to unlocking access to innovative medicines worldwide, announced its strategic expansion into Latin America by acquiring Laboratorios Biopas. Biopas is a leading pharmaceutical company in Latin America, specializing in the in-licensing, marketing, and sale of cutting-edge specialty pharmaceutical products, with annual sales of approx. USD 220 m. The founders of Biopas will become shareholders of Swixx Biopharma. The transaction is expected to close in June or July 2024, subject to regulatory approvals and customary conditions.
The Homburger team advising Biopas and its founders comprises Andreas Müller, Anna Peter, Hans Glent Abildgaard and Harun Cetin (all Corporate / M&amp;A), Stefan Bindschedler (Financing and Investment Products) as well as Reto Heuberger and Philippe Weber (both Tax).

Homburger advises on the sale of Biopas to Swixx Biopharma

Capital Markets

Employment and Executive Compensation

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On April 24, 2024, Homburger received the IFLR Europe award for «National Law Firm of the Year: Switzerland» for the 14th time, honoring Homburger’s involvement in some of the most sophisticated and innovative finance, capital markets and M&amp;A transactions in 2023.
Homburger was also honored with the «Deal of the Year: M&amp;A» award for its work on Dufry&#8217;s strategic combination with Autogrill. Our team comprised Andreas Müller, Frank Gerhard, Dieter Grünblatt, Reto Heuberger, Jürg Frick and many other of our Corporate / M&amp;A, Capital Markets, Financing and Investment Products, Tax, Employment and Executive Compensation specialists.
Each year, the International Financial Law Review (IFLR) recognizes the most innovative international transactions of the previous year and the law firms involved in them.

Homburger honored with IFLR Europe awards for «National Law Firm of the Year: Switzerland» and for «Deal of the Year: M&A»

Regulatory

Cerberus

Homburger Deal Cerberus Capital Management

Homburger advised Cerberus Capital Management LP on the acquisition and financing of a SEK 11.5 bn portfolio of loans acquired from Intrum. The transaction involves over 10,000 portfolios with a nominal value of SEK 382 bn (EUR 33 bn) and a book value of SEK 11.5 bn (EUR 1.0 bn) as of September 30, 2023, across 13 European jurisdictions. The entities that own these portfolios, including Intrum Debt Finance AG, will be acquired by Cerberus.
The transaction is structured as a joint venture partnership, in which Cerberus will hold a 65% ownership stake and Intrum will hold a 35% ownership stake. The joint venture partnership has also entered into a facilities agreement with Goldman Sachs to provide financing for the transaction.
Intrum is Europe&#8217;s biggest manager of non-performing loans with a presence in over 20 markets across the continent. The transaction is expected to close in the first half of 2024.
Homburger advised Cerberus with regard to all Swiss legal aspects of this transaction. The Homburger team was led by partner Hansjürg Appenzeller (Regulatory, Financing and Corporate / M&amp;A) and included Sarah Fasel and Nathalie Scherrer (both Regulatory and Financing), Reto Heuberger, Stefan Oesterhelt and Philipp Stiegeler (all Tax), Jeremy Reichlin (Employment) and Jasmin Künzle (Corporate / M&amp;A).

Homburger advised Cerberus Capital Management LP on the acquisition and financing of asset sale by Intrum

Reto
Heuberger

Homburger advises on the sale of Biopas to Swixx Biopharma

Homburger honored with IFLR Europe awards for «National Law Firm of the Year: Switzerland» and for «Deal of the Year: M&A»

Homburger advised Cerberus Capital Management LP on the acquisition and financing of asset sale by Intrum

Yes to OECD/G20 Minimum Taxation

Private M&A 2024: Switzerland

Structuring Cross-border Transactions 2023

Private M&A 2023: Switzerland

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Reto Heuberger

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Bar Registration

Teams

RetoHeuberger

Homburger advises on the sale of Biopas to Swixx Biopharma

Homburger honored with IFLR Europe awards for «National Law Firm of the Year: Switzerland» and for «Deal of the Year: M&A»

Homburger advised Cerberus Capital Management LP on the acquisition and financing of asset sale by Intrum

Yes to OECD/G20 Minimum Taxation

Private M&A 2024: Switzerland

Structuring Cross-border Transactions 2023

Private M&A 2023: Switzerland

Join the Team

Reto Heuberger

Career

Languages

Bar Registration

Teams

Reto
Heuberger