EFG acts as Co-Manager and Escrow Agent on the IPO of VT5 Acquisition Company, the first SPAC to list on SIX Swiss Exchange

Niederer Kraft Frey advised EFG Bank AG in its capacity as co-manager and escrow agent in connection with the initial public offering of VT5 Acquisition Company AG, the first special purpose acquisition vehicle (SPAC) to list on SIX Swiss Exchange.

VT5 sold all 20,000,000 offered units each consisting of one Class A Share with a nominal value of CHF 0.1 and one third of a redeemable warrant at a price of CHF 10 per unit, raising gross proceeds of CHF 200 million. The net proceeds in the amount of CHF 198 million will be held in escrow to be used in connection with the acquisition of one or (if at the same time) more operating companies or businesses within two years of the IPO.

VT5 is the first SPAC to list on SIX Swiss Exchange following an extended regulatory clearance process by the Swiss Financial Market Supervisory Authority (FINMA) and the release by SIX Exchange Regulation AG of revised Listing Rules with a companion Directive on the Listing of SPACs, which became effective on 6 December 2021.

The listing of the Class A Shares and the redeemable warrants in accordance with the Standard for SPACs of SIX Swiss Exchange and admission to trading took place on 15 December 2021. Credit Suisse AG and UBS AG acted as joint global coordinators on the transaction with EFG Bank AG acting as co-manager and escrow agent and Privatbank IHAG Zürich AG as selling agent and escrow agent.

The NKF team advising EFG Bank AG comprised partner Philippe Weber and senior associate Franziska Albers-Schönberg (both Corporate/Capital Markets).