L’Oréal acquires additional stake in Galderma with Bär & Karrer and Homburger advising

Bär & Karrer advised L’Oréal, and Homburger advised EQT, the lead seller in a consortium that included Sunshine SwissCo GmbH (SSCO), Abu Dhabi Investment Authority (ADIA) and Auba Investment. L’Oréal acquired an additional 10% stake in Galderma, bringing its total shareholding to 20% and building on an initial investment made in August 2024. The transaction increases L’Oréal’s strategic exposure to Galderma while preserving the involvement of the selling consortium led by EQT. Following the increase in investment, Galderma will evaluate the possibility of naming two non-independent board candidates proposed by L’Oréal. Homburger represented EQT, the lead seller, and the selling consortium including Sunshine SwissCo GmbH (SSCO), Abu Dhabi Investment Authority (ADIA) and Auba Investment with a team composed by: led by Frank Gerhard and Margrit Marti; Carlo Sulser, Estelle Piccard, Jannis Zafeirakos and Viviane Egli (corporate / M&A, capital markets); Stefan Oesterhelt and Laetitia Fracheboud (tax); Richard Stäuber and Giulia Meier (competition); Micha Fankhaser (financial market regulation). Bär & Karrer represented L’Oréal with a team composed by: Mariel Hoch, Dieter Dubs, Fabienne Perlini-Frehner, Marlene Liena, Dominic Leu, Nick Wälti and Ben Tschigg (M&A); Mani Reinert (antitrust).

L’Oréal acquires additional stake in Galderma with Bär & Karrer and Homburger advising

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