NEC Corporation’s CHF 2.05 Billion Acquisition Of Swiss Financial Software Company Avaloq Group AG

Niederer Kraft Frey advised NEC Corporation, while Kirkland advised Warburg Pincus on the deal. Homburger and Bär & Karrer acted as global transaction counsels to Avaloq and the majority shareholders.

Tokyo-listed NEC Corporation executed its acquisition of leading Swiss financial software company Avaloq Group AG, from existing shareholders, including Warburg Pincus LLC.

The acquisition is expected to be worth CHF 2.05 billion and to be completed by April 2021, following the confirmation of necessary procedures and approvals for each organisation.

NEC focuses on Solutions for Society businesses that utilise the strengths of ICT to enhance social infrastructure. NEC’s biometric and AI technologies are driving the expansion of business globally, mainly in the digital government field, and help to promote safe, secure, fair, and efficient communities. NEC is now shifting more attention towards SaaS business models that utilise software capable of being horizontally deployed.

Avaloq is a global leader in digital banking solutions and is at the forefront of financial DX as a software developer for financial institutions largely centered in Switzerland, but reaching across more than 150 customers in 30 countries worldwide.

The Niederer Kraft Frey (NKF) team advising NEC Corporation was led by partner Philippe Weber (Picture), working with senior associate Deirdre Ní Annracháin, associates Samuel Hochstrasser and Alessandro Stanchieri, and junior associates Alexander Göbel and Stephanie Huchler (all Corporate/M&A). Further specialists involved are partners Philipp Candreia (M&A/Regulatory) and András Gurovits (Technology).

The NKF team worked in collaboration with Tokyo International Law Office (TKI), led by managing partner Koki Yamada.

The Kirkland team advising Warburg Pincus was led by transactional partner Adrian Maguire and associate Jiri Peterka.

The Bär & Karrer team included Michael Trippel, Daniel Küpfer, Frédéric Mancosu, Lukas Roesler, Laura Widmer, Fanny Sutter, Vera Naegeli, Jonas Bornhauser and Tobias Rebmann.

The Homburger team was led by Heinz Schärer and included David Oser, Philippe Baumann, Angela Oppliger, Cédric Berger, Marcel Dietrich, Allegra Arnold, Georg Rauber, Luca Dal Molin, Valentin Fluor, Kirsten Schmidt, Marc Vogelsang, Philippe Gobet, David Waldmeier, Jürg Frick and Pierina Janett-Seiler.

Involved fees earner: Jonas Bornhauser – Bär & Karrer; Daniel Küpfer – Bär & Karrer; Frédéric Mancosu – Bär & Karrer; Vera Naegeli – Bär & Karrer; Tobias Rebmann – Bär & Karrer; Lukas Roesler – Bär & Karrer; Fanny Sutter – Bär & Karrer; Michael Trippel – Bär & Karrer; Laura Widmer – Bär & Karrer; Allegra Arnold – Homburger; Philippe Baumann – Homburger; Cédric Berger – Homburger; Luca Dal Molin – Homburger; Marcel Dietrich – Homburger; Valentin Fluor – Homburger; Jürg Frick – Homburger; Philippe Gobet – Homburger; Pierina Janett-Seiler – Homburger; Angela Oppliger – Homburger; David Oser – Homburger; Georg Rauber – Homburger; Heinz Schärer – Homburger; Kirsten Schmidt – Homburger; Marc Vogelsang – Homburger; David Waldmeier – Homburger; Adrian Maguire – Kirkland & Ellis; Jiri Peterka – Kirkland & Ellis; Philipp Candreia – Niederer Kraft Frey Ltd; Alexander Göbel – Niederer Kraft Frey Ltd; András Gurovits – Niederer Kraft Frey Ltd; Samuel Hochstrasser – Niederer Kraft Frey Ltd; Stéphanie Huchler – Niederer Kraft Frey Ltd; Deirdre Ni Annrachain – Niederer Kraft Frey Ltd; Alessandro Stanchieri – Niederer Kraft Frey Ltd; Philippe Weber – Niederer Kraft Frey Ltd; Koki Yamada – Tokyo International Law Office (TKI);

Law Firms: Bär & Karrer; Homburger; Kirkland & Ellis; Niederer Kraft Frey Ltd; Tokyo International Law Office (TKI);

Clients: Avaloq Group AG; NEC Corporation; Warburg Pincus;