Premier global law firm Baker & McKenzie has advised Swiss building materials maker AFG Arbonia-Forster-Holding on the public exchange and purchase offer to acquire Looser Group in a deal worth around 415 million Swiss francs (USD $426 million). The combination would create one of the largest construction industry suppliers in Europe.
AFG is offering 5.5 newly issued shares and 23 francs in cash per share of Looser. The offer, already accepted by investors holding 53 percent of the shares, represents an enterprise value of around 511 million francs. Baker & McKenzie advised AFG on the capital markets and financing aspects of this offer.
AFG is listed on the SIX Swiss Exchange and, similar to Looser, is headquartered in Arbon. The group is active worldwide with over 40 distribution companies as well as offices and partners in more than 70 countries. The Looser Group operates in the Coatings, Industrial Services and Doors sectors, with around 2,200 employees and 16 operational facilities in Europe, Asia and the U.S.A. Subject to approval from both companies' shareholders meetings and the competition authorities, the planned transaction will represent a significant milestone for AFG in helping to achieve its goal of becoming a leading supplier of building supplies.
"Through this combination, the Group is reaching a leading market position in all divisions and is positioning itself outstandingly well as a focused building supplier in the Central European Markets. Going forward, this forms the basis for further significant earnings potential," said Alexander von Witzleben, Chairman of the Board of Directors and CEO of AFG.
Baker & McKenzie also advised AFG on its acquisition of the Koralle Group earlier this year, as it moved to expand its product range and grow market share in Europe. Partners Matthias Courvoisier, who led on the capital markets aspects of this offer and Alexander Fischer, who led on the financing side, said in a joint statement, “We are delighted to have assisted our client AFG on what is another significant transaction, not only for our client but also for Switzerland."
The Baker & McKenzie team was lead by Matthias Courvoisier, Alexander Fischer and Martin Furrer, with assistance from Philip Spoerlé, Timo Leis, Alexander Blaeser, Mario Kumschick, Susanne Liebel-Kotz, Philippe Reich, Roger Thomi, Eva-Maria Strobel, Philippe Hovaguimian, and Basil Kirby.