CMS advises DS Group on the acquisition of a substantial minority stake in Lalique Group
The Indian DS Group (specifically the company Dharampal Satyapal Limited) has acquired a substantial minority stake in Lalique Group. The transaction consisted in three steps. First, DS Group purchased 320,000 shares from majority shareholder Silvio Denz. Second, DS Group subscribed for 564,000 shares in a recent rights offering where Lalique Group has issued and listed 1,200,000 shares. Third, DS Group entered into a call option agreement with Silvio Denz by way of which it may acquire up to 360'000 additional shares.
DS Group was founded in 1929 as a small perfume business and is today a diversified conglomerate headquartered in Noida, India. Its portfolio spans over the food & beverage, hospitality, packaging and agriculture sectors, among others.
Lalique Group is a niche player in the creation, development, marketing and global distribution of luxury goods. Its business areas comprise perfumes, cosmetics, crystal, jewellery, high-end furniture and living accessories, along with art, gastronomy and hospitality. Founded in 2000, the company employs approximately 720 employees and has its headquarters in Zurich. The Lalique brand, from which the Group derives its name, was created in Paris in 1888 by the master glassmaker and jewellery designer René Lalique. The registered shares of Lalique Group SA (LLQ) are listed on the SIX Swiss Exchange.
Together with the Indian law firm HSA Advocates, a team from CMS Switzerland, led by partner Stephan Werlen, advised DS Group on all legal matters of the transaction. In particular, CMS advised DS Group on the agreements reflecting the three steps of the transaction (share purchase agreement, investment agreement and call option agreement) and on all Swiss capital markets law aspects.
Dr Stephan Werlen, Partner, Corporate / M&A
Dr Matthias S. Kuert, Associate, Capital Markets
Pascal Stocker, Associate, Corporate / M&A