On August 5, 2024, L'Oréal and Galderma announced the ac-quisition of a 10% stake in Galderma Group AG from Sun-shine SwissCo AG (a consortium led by EQT), Abu Dhabi Investment Authority (ADIA) and Auba Investment Pte. Ltd. (all acting as sellers), for a non-disclosed amount. In connection therewith, L'Oréal has agreed vis-à-vis Sunshine SwissCo AG to certain undertakings as part of a shareholders' agreement. Following the transaction, no changes to the Galderma board of directors and its governance are envisioned.

In addition, L'Oréal and Galderma have agreed to work to-wards a strategic scientific partnership that will leverage the undisputed expertise of both companies: Galderma's across a broad range of dermatological solutions, and L'Oréal’s exper-tise in skin biology, diagnostic tools and evaluation methods.

Homburger acted as transaction counsel to EQT. The team was led by Frank Gerhard and Margrit Marti (both Corporate / M&A, Capital Markets) and comprises Estelle Piccard, Simone Schmid and Héloïse de Jamblinne (all Corporate / M&A), Stef-an Oesterhelt (Tax), Richard Stäuber (Competition) as well as Micha Fankhauser (Financial Market Regulation).