NZZ acquires a stake in APG|SGA: the advisors

Homburger advised Aktiengesellschaft für die Neue Zürcher Zeitung (NZZ) on the acquisition of a 25%-stake in APG SGA (APG|SGA) from the two anchor shareholders JCDecaux, advised by Bär & Karrer, and Pargesa Asset Management for a total consideration of CHF 165 millions. Lenz & Staehelin advised APG SGA on the transaction.

Following the announcement of the disposal process on 27 February 2024, and considering financial and strategic options for its shares in APG|SGA, on 29 May 2024 JCDecaux entered into an agreement with NZZ to sell 13.56% of APG|SGA to NZZ for CHF 220 per share. JCDecaux and Pargesa Asset Management will remain shareholders of APG|SGA with stakes of 16.44% and 13.86% respectively. The transaction will be completed in the coming days.

Lenz & Staehelin’s team

Lenz & Staehelin is led by Matthias Wolf and Jacques Iffland (both corporate and M&A) and includes Rebecca Khan, Nicolas Lehmann, Vincent Huynh Dac, Alexandra Vraca and Justin Steiner (all corporate and M&A), Astrid Waser and Sandro Travaglini (competition & regulated markets), Nadia Guberan-Flühler (IT) and Helin Dalla Palma (employment).

Matthias Wolf (on the left) and Jacques Iffland (on the right)
Bär & Karrer’s team

Bär & Karrer acted as the legal advisor to JCDecaux with a team including Dieter Dubs and Fabienne Perlini-Frehner (both public M&A) as well as Mani Reinert (antitrust).


Dieter Dubs (on the left) and Fabienne Perlini-Frehner (on the right)
Homburger’s team

Anna Peter (pictured left) and Daniel Daeniker (pictured right) led the team, which further included Héloïse de Jamblinne, Matthias Müller, Norina Tröhler and Micha Fankhauser (all corporate / M&A), Jürg Frick and Stefan Bindschedler (both financing), Richard Stäuber and Katharina Bratvogel-Wilk (both competition), Gregor Bühler and Gabriel Kasper (both IP/IT), Frédéric Fitzi (employment), as well as Dieter Grünblatt and Philippe Weber (both tax).