On 15 December 2016 Lonza announced that it will acquire Capsugel S.A. from KKR for USD 5.5 billion to create a leading integrated solutions provider to the global pharma and consumer healthcare industries. The transaction includes the refinancing of existing Capsugel indebtedness of USD 2 billion and will be financed with loan facilities arranged by BofA Merrill Lynch and UBS. Lonza intends to partly refinance the acquisition by raising equity in the amount of up to CHF 3.3 billion, which is already fully underwritten.

Bär & Karrer acted as Swiss legal advisor to Lonza, concentrating on the financing aspects. The team included Rolf Watter and Nadina Duss (Corporate / M&A), Thomas Reutter, Annette Weber and Daniel Heiniger (Capital Markets), Ralph Malacrida and Micha Schilling (Financing) as well as Mani Reinert (Competition Law).