On 26 February 2024, JCDecaux SE (Euronext Paris: DEC), the number one outdoor advertising company worldwide, and Pargesa Asset Management S.A. (a fully owned subsidiary of Compagnie Nationale à Portefeuille, an investment company of the Frère Family) signed a term sheet with a view to evaluate a joint sale of their shares in APG|SGA SA.

Following the announcement of the disposal process on 27 February 2024, and considering attractive financial and strategic options for its shares in APG|SGA, on 29 May 2024 JCDecaux entered into an agreement with NZZ to sell 13.56% of APG|SGA to NZZ for CHF 220 per share. Post-transaction, NZZ will hold a 25% stake in APG|SGA, making it the largest shareholder, while JCDecaux will retain 16.44% and Pargesa Asset Management 13.86%. The transaction is expected to be completed in the coming days.

Bär & Karrer acts as the legal advisor to JCDecaux in this transaction. The team includes Dieter Dubs and Fabienne Perlini-Frehner (both Public M&A) as well as Mani Reinert (Antitrust).