Aurelius AG (XTRA:AR4) agreed to acquire trade division from Valora Holding AG (SWX:VALN) for an enterprise value of CHF 45 million on November 16, 2015. Under the terms, the enterprise value of the transaction includes an earn-out of CHF 20 million. The sales contract includes all companies in Switzerland, Germany, Austria, Denmark, Sweden, Norway and Finland. In 2014, the Valora Trade division generated total net revenues of over CHF 600 million, with an operating profit of around CHF 3 million. Employees of Valora Trade will be transferred across to the new owner. Alex Minder will resign from the Executive Board on December 31, 2015. The transaction is subject to approval of antitrust authorities and is expected to take place by end of December 2015. Christoph Neeracher and Luca Jagmetti of Bär & Karrer acted as legal advisors for Valora. Stefan Brunnschweiler, Daniel Jenny, Daniel Burkhard and Niccolò Grete of CMS acted as legal advisors to Aurelius. Isabella Ramsay, Anders Erasmie, Henric Diefke, Maria Holme, Carl Johan Zimdahl and Daniel Khayyami of Mannheimer Swartling acted as legal advisors for Valora Holding. Ernst & Young acted as financial advisor to Aurelius.

Aurelius AG (XTRA:AR4) completed the acquisition of trade division from Valora Holding AG (SWX:VALN) on January 1, 2016. On December 31, 2015, Valora completed the sale of its Trade division to the Aurelius Group. The purchase agreement encompassed all Valora Trade companies in Switzerland, Austria, Germany, Denmark, Sweden, Norway and Finland. The sale of Trade Germany was completed during January 2016. As of January 4, 2016, the transaction received unconditional approval from the competition authorities in the various countries in which the trade operates.