Baker McKenzie advises DocMorris on tender offer for CHF 200m bonds

Baker McKenzie Switzerland advised DocMorris in connection with the repurchase offer for its CHF 200 million bonds due 2024. On 12 May 2023, DocMorris announced an invitation to bondholders to tender any-and-all of their 2.50% bonds due 21 November 2024 for cash. The payment of the total consideration and the delivery of the bonds pursuant to the tender offer took place on a delivery versus payment (DVP) basis and was made with value date 1 June 2023

The Swiss-based company is focus in the fields of online pharmacy, marketplace and professional healthcare with strong brands in Germany and other European countries. Deliveries are mainly from the highly automated logistics centre in Heerlen, the Netherlands, with a capacity of over 27 million parcels per year. In Spain and France, the company operates the leading marketplace for health and personal care products in Southern Europe. With its business model, DocMorris offers its patients, customers and partners a broad range of products and services. The company is pursuing its vision of creating a digital health ecosystem for everyone to manage their health in one click.

The company was renamed from Zur Rose Group to DocMorris in May 2023 after the Swiss business was sold to Migros/Medbase. Excluding the Swiss business, about 2,200 employees in Germany, the Netherlands, Spain, France and Switzerland generated an external revenue of CHF 1,159 million serving around 10 million active customers in 2022. The shares of DocMorris are listed on the SIX Swiss Exchange.

Baker McKenzie advised DocMorris in all legal aspects of this transaction. The team consisted of Zurich-based capital markets lawyers Matthias Courvoisier (partner, pictured left), Yves Mauchle (senior associate, pictured right) and Bettina Klein (associate).