ABB→Rotork
c. USD 5.5bn EV
Announced Jul 2026Expected H1 2027
Expected to close in the first half of 2027
Full recordThe Ledger
The Swiss Deal Ledger.
Significant Swiss transactions, tracked and sourced, with the deals still in motion.
24 transactions trackedUpdated 10 November 202618 completed · 5 pending
What the Ledger is
Swiss deals, on the record.
The Ledger is Valstron’s running register of significant Swiss transactions. One line per deal: who bought what, for how much, and where it stands today.
- ITrackedTransactions with a Swiss buyer, seller or target of around CHF 1 billion or more, plus every deal covered in a Snapshot.
- IIStatusCompleted, pending or terminated, updated as each deal moves.
- IIISourcedEvery line links to a public source or to the Valstron Snapshot.
- How to read “Direction”
- Outbound
- Swiss buyer, foreign target
- Inbound
- Foreign buyer, Swiss target or seller
- Domestic
- Swiss on both sides
- Capital markets
- IPO, spin-off or sell-down on the exchange
- 24Transactions on the record
- 5Deals still in motion
- 8Dated 2026
- 42%Swiss buyers abroad
Deals to watch
Announced, not yet closed.
Progress runs from announcement to the closing date the companies have guided to, and moves forward every day.
Samsung Biologics→PolyPeptide Group
c. CHF 1.46bn
Announced Jul 2026Expected End of 2026
c. 98% tendered; regulatory approvals outstanding
Valstron SnapshotLone Star Funds→Lonza Capsules & Health Ingredients
CHF 2.3bn EV
Announced Mar 2026Expected H2 2026
Expected to close in the second half of 2026
Valstron SnapshotCVC Capital Partners→dsm-firmenich Animal Nutrition & Health
c. EUR 2.2bn EV
Announced Feb 2026Expected End of 2026
Expected to close by end of 2026
Full recordSoftBank Group→ABB Robotics
USD 5.375bn EV
Announced Oct 2025Expected Q4 2026 (guidance before China's decision)
EU cleared; China prohibited the deal for its business there, November 2026
Full recordMarket views
Where the activity is.
Switzerland and the world
Deal flow by quarter
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
By sector
- Pharma & life sciences7
- Financial services3
- Industrials5
- Technology & media4
- Consumer & travel2
- Real estate3
By direction
- Outbound10
- Inbound6
- Domestic5
- Capital markets3
By type
- M&A15
- Private equity6
- Real estate3
Based on the 24 transactions in the Ledger, not on the whole Swiss market.
The register
Every transaction, with its source.
24 transactions
| Date | Target / Buyer | Sector | Direction | Value | Status | Source |
|---|---|---|---|---|---|---|
| 20268 transactions | ||||||
| Jul 2026Announced | RotorkABB | Industrials | Outbound | c. USD 5.5bn EV | PendingExpected to close in the first half of 2027 | ABB |
| Jul 2026Announced | PolyPeptide GroupSamsung Biologics | Pharma & life sciences | Inbound | c. CHF 1.46bn | Pendingc. 98% tendered; regulatory approvals outstanding | Valstron Snapshot |
| Jun 2026Completed | XellaHolcim | Industrials | Outbound | c. EUR 1.85bn | CompletedCompleted 19 June 2026 | Holcim |
| Mar 2026Announced | BeazleyZurich Insurance Group | Financial services | Outbound | c. GBP 8.2bn | CompletedCompleted 1 October 2026 | Valstron Snapshot |
| Mar 2026Announced | Lonza Capsules & Health IngredientsLone Star Funds | Pharma & life sciences | Inbound | CHF 2.3bn EV | PendingExpected to close in the second half of 2026 | Valstron Snapshot |
| Mar 2026Exit completed | GaldermaEQT consortium (exit) | Pharma & life sciences | Capital markets | CHF 10.2bn entry value | CompletedFinal sell-down March 2026 | Valstron Snapshot |
| Mar 2026Announced | Procimmo Group (majority)Vaudoise Assurances | Real estate | Domestic | CHF 309m | CompletedCompleted 1 July 2026 | Valstron Snapshot |
| Feb 2026Announced | dsm-firmenich Animal Nutrition & HealthCVC Capital Partners | Consumer & travel | Inbound | c. EUR 2.2bn EV | PendingExpected to close by end of 2026 | dsm-firmenich |
| 202511 transactions | ||||||
| Nov 2025Completed | u-bloxAdvent International | Technology & media | Inbound | c. CHF 1.05bn | CompletedDelisted from SIX, May 2026 | Advent International |
| Oct 2025Announced | ABB RoboticsSoftBank Group | Industrials | Inbound | USD 5.375bn EV | PendingEU cleared; China prohibited the deal for its business there, November 2026 | SoftBank Group |
| Oct 2025Announced | SFP investment group (real estate)Copré | Real estate | Domestic | c. CHF 1bn | CompletedCompleted January 2026 | Valstron Snapshot |
| Oct 2025Announced | Avidity BiosciencesNovartis | Pharma & life sciences | Outbound | c. USD 12bn | CompletedCompleted February 2026 | Novartis |
| Sep 2025Announced | 89bioRoche | Pharma & life sciences | Outbound | Up to USD 3.5bn incl. CVR | CompletedCompleted 30 October 2025 | Pharmaceutical Technology |
| Sep 2025Announced | Tourmaline BioNovartis | Pharma & life sciences | Outbound | USD 48 per share | CompletedCompleted 28 October 2025 | Novartis |
| Sep 2025First trading day | SMG Swiss Marketplace GroupIPO on SIX | Technology & media | Capital markets | c. CHF 4.5bn at offer | CompletedPriced at CHF 46 | Valstron Snapshot |
| Aug 2025Announced | STAAR SurgicalAlcon | Pharma & life sciences | Outbound | c. USD 1.5bn | TerminatedRejected by STAAR shareholders, January 2026 | Nasdaq |
| Jun 2025First trading day | Amrize (spin-off)Holcim shareholders | Industrials | Capital markets | Spin-off | CompletedListed on NYSE and SIX | Valstron Snapshot |
| Apr 2025Announced | BaloiseHelvetia | Financial services | Domestic | All-share merger | CompletedCompleted 5 December 2025 | Valstron Snapshot |
| Feb 2025Announced | Hotelplan Group (from Migros)Dertour Group (REWE) | Consumer & travel | Inbound | Not disclosed | CompletedCompleted August 2025 | Migros |
| 20243 transactions | ||||||
| Dec 2024Announced | Crayon GroupSoftwareOne | Technology & media | Outbound | c. EUR 1.3bn | CompletedCompleted July 2025 | SoftwareOne |
| Mar 2024Announced | Fundamenta GroupSwiss Prime Site | Real estate | Domestic | CHF 4.2bn AuM | CompletedCompleted April 2024 | Valstron Snapshot |
| Mar 2024Announced | Vodafone ItaliaSwisscom | Technology & media | Outbound | EUR 8bn | CompletedCompleted December 2024 | Valstron Snapshot |
| 20232 transactions | ||||||
| May 2023Completed | MBCC Group (from Lone Star)Sika | Industrials | Outbound | CHF 5.5bn | CompletedSponsor exit | Valstron Snapshot |
| Mar 2023Announced | Credit Suisse GroupUBS Group | Financial services | Domestic | CHF 3bn | CompletedCompleted June 2023 | Valstron Snapshot |
Select a row for the full record.
Method
What the Ledger includes.
Every transaction covered by a Valstron Deal Snapshot, and, from 2025, significant transactions with a Swiss buyer, seller or target and a disclosed value of around CHF 1 billion or more.
Each entry is taken from public sources and linked to one. Values are shown as disclosed, in the original currency. The Ledger is curated, not exhaustive.