Baker McKenzie advises SEB on SDRs in Accelleron’s spinoff from ABB
Baker McKenzie, with lawyers from the Swedish and Swiss offices, acted as legal advisor to Skandinaviska Enskilda Banken (SEB) in their role as Issuer Agent of Swedish Depositary Receipts in connection with the spin-off of Accelleron Industries from ABB.
Accelleron (formerly ABB Turbocharging), a global leader in high-power turbochargers for mission-critical applications, has been admitted to trading on the SIX Swiss Exchange in Zurich under the ticker symbol “ACLN”, marking the completion of Accelleron’s spin-off from ABB.
The listing follows ABB’s shareholders’ approval of the spin-off at its extraordinary general meeting on 7 September 2022. ABB has distributed the Accelleron shares on a pro rata basis, as a dividend in kind, with one Accelleron share for every 20 ABB shares held. To ensure that all ABB’s shareholders whose ABB shares are registered with Euroclear Sweden could participate in the distribution of Accelleron shares, Accelleron shares was distributed to such shareholders in the form of Swedish depository receipts. Each Accelleron Swedish depository receipt represent an ownership interest in 1 share of Accelleron.
Baker McKenzie advised SEB in their role as Issuer Agent of Swedish Depositary Receipts with an international capital markets team consisting of Joakim Falkner and Johanna Flink in Stockholm as well as Matthias Courvoisier (pictured left), Yves Mauchle (pictured right) and Jan Lusti in Zurich.