Helvetia Holding AG ("Helvetia" or the "Company") has successfully placed 3.3 million new registered shares (the "New Shares") with a par value of CHF 0.02 each at CHF 91.00 per new share (the "Issue Price") in a private placement by way of an accelerated bookbuilding process (the "Share Placement"), resulting in gross proceeds of approximately CHF 300 million. The net proceeds from the Share Placement will be used to partly finance the acquisition of a 70% majority interest in the Spanish insurer Caser (Caja de Seguros Reunidos, Compañía de Seguros y Reaseguros S.A.) for around EUR 780 million (the "Acquisition"). The Acquisition is expected to further strengthen Helvetia's European business as a second pillar, significantly expand Helvetia's attractive non-life business and increase its distribution capabilities in Spain.
The New Shares, corresponding to 6.6% of Helvetia's currently issued share capital, will be issued from the Company's existing authorised share capital. The Share Placement excluded subscription rights for existing shareholders. The New Shares are expected to be listed and admitted to trading on SIX Swiss Exchange on or around 22 June 2020. Payment and settlement is expected to take place on or around 22 June 2020. The New Shares will rank pari passu with the existing shares.
As previously announced, Helvetia's anchor shareholder Patria Genossenschaft unreservedly supports the Acquisition and has purchased New Shares at the Issue Price in proportion to its current shareholding of 34.09% in Helvetia. In connection with the Share Placement, both Helvetia and Patria Genossenschaft have agreed to a 120-day lock-up period after the listing of the New Shares, subject to certain exceptions.
Credit Suisse, Deutsche Bank, UBS and Zürcher Kantonalbank acted as Joint Bookrunners in connection with the offering.
This media release is also available on our website www.helvetia.com/media