VT5 Acquisition Company raises CHF 200m in successful IPO

The first Swiss SPAC, VT5 Acquis­i­tion Com­pany, suc­cess­fully priced its ini­tial pub­lic offer­ing. The list­ing of the Class A Shares and Redeem­able War­rants on the SIX Swiss Exchange is expec­ted for 15 Decem­ber 2021. The deal was over­sub­scribed, with a total amount of cap­it­al raised of approximately CHF 200 mil­lion. VT5 plans an acquis­i­tion of one or (if at the same time) more oper­at­ing com­pan­ies or busi­nesses with­in 24 months of the listing.

Credit Suisse and UBS were appointed as as Joint Global Coordinators and Joint Bookrunners for the transaction. EFG Bank acted as Co-Manager and Privatbank IHAG as Selling Agent. Baker McKenzie (counsel to VT5), Linklaters and Advestra (counsels to the underwriters) and Niederer Kraft Frey (counsel to EFG) acted as legal counsels on the IPO.

The advisors

Baker McKenzie acted as local and international counsel to VT5 and designed the SPAC features under Swiss law. The Baker McKenzie team was led by Matthias Courvoisier (partner, capital markets, pictured left) and Yves Mauchle (senior associate, capital markets, pictured right) and comprised Andrea Bolliger (of counsel, tax), Benedikt Hadorn, Bettina Klein, Jan Lusti, Tanja Schmid, Beau Visser (all associates, capital markets) and Manuel Hirlinger (trainee). On an international level, the team included Adam B. Farlow (partner, London), François–Xavier Naime (partner, Paris), Tim Alferink (partner, Amsterdam) and Enrique Carretero (partner, Madrid).

The Advestra team acted as leg­al coun­sel to Cred­it Suisse and UBS included partner Thomas Reut­ter, partner Alex­an­der von Jein­sen, partner Annette Weber, associate Anna Capaul, partner Roland Truffer and associate Annina Ham­mer (all cap­it­al mar­kets) and partner Peter Ried­weg and partner Markus Müh­le­mann (tax).

Niederer Kraft Frey advised EFG Bank in its capacity as co-manager and escrow agent. The NKF team advising EFG Bank comprised partner Philippe Weber and senior associate Franziska Albers–Schönberg (both corporate/capital markets).