Novartis to sell its Roche bearer shares to Roche for USD 20.7 billion
Novartis has entered into an agreement to sell 53.3 million (approximately 33%) Roche bearer shares in a bilateral transaction to Roche for a consideration of USD 20.7 billion.
Novartis had acquired the stake between 2001 and 2003 for approximately USD 5 billion. The investment delivered dividends in excess of USD 6 billion to date. Over the holding period of the stake, this resulted in an annualized return of 10.2 % in USD (and 6.6% in CHF). Today, Novartis does not consider the financial investment in Roche as part of its core business and therefore not a strategic asset.
The transaction is subject to the approval by the shareholders of Roche.
The advisors
Bär & Karrer acts as legal advisor to Novartis in this transaction. The team included Susanne Schreiber (tax, pictured center) as well as Dieter Dubs and Rolf Watter (both corporate and m&a).
Homburger acted as legal counsel to Roche. The Homburger team was led by partners Heinz Schärer (pictured right) and David Oser (pictured left) and included partner Daniel Häusermann, counsel Micha Fankhauser, associates Sarah Chevalley and Jasmin Künzle (all corporate /m&a), partners Reto Heuberger and Dieter Grünblatt and associates Laetitia Fracheboud and Kevin Müller (all tax), partner Jürg Frick, counsels Lee Saladino and Eduard De Zordi and associate Stefan Bindschedler (all finance), partner Balz Gross, counsel Bénédict Thomann and associates Luca Angstmann and Sebastian Wyler (all dispute resolution).
Lenz & Staehelin acts as legal advisor to the Roche family pool. The team includes Rudolf Tschäni (pictured), Tino Gaberthüel and Simone Ehrsam (all m&a).
Baker McKenzie acted for BNP Paribas and Deutsche Bank in connection with all legal and tax aspects of the their approximately CHF 19 billion bridge facility for Roche Holding. The Baker McKenzie Switzerland team was led by Lukas Glanzmann and Markus Wolf (both banking & finance) and included Andrea Bolliger (tax), Matthias Courvoisier (capital markets) and Jan Lusti (banking & finance).
