JCDecaux SE (Euronext Paris: DEC), the number one outdoor advertising company worldwide, announced on 12 December 2025 that a share purchase agreement was signed between JCDecaux SE and NZZ, under which JCDecaux SE will sell 325,519 APG|SGA's shares, corresponding to 10.85% of the share capital of APG|SGA.
The completion of this transaction requires, among other things, the introduction of a selective opting-up provision in the articles of incorporation of APG|SGA. At extraordinary general meeting held on 23 January 2026, the shareholders of APG|SGA approved the introduction of an opting-up provision, which ensures that the completion of the share purchase does not trigger a mandatory offer by NZZ. In its decision dated 12 December 2025, the Swiss Takeover Board has approved the introduction of the proposed selective opting up clause. All this establishes the statutory conditions for the completion of the transaction. Subject to antitrust approvals, the completion of the sale is expected to take place in Q2 2026. Upon completion of this transaction, JCDecaux's stake in APG|SGA will be reduced to around 5.6%.
Bär & Karrer acted as legal advisor to JCDecaux SE on this transaction. The team included Dieter Dubs and Linus Zweifel (both Public M&A).
For further information please contact:
Media Relations, Eric Stupp Tel: +41 58 261 50 00
Email: eric.stupp@baerkarrer.ch
Bär & Karrer is a leading Swiss law firm with more than 200 lawyers, providing customized legal advice in complex transactions and litigation. Clients range from multinational corporations to private individuals in Switzerland and abroad. Bär & Karrer is present with offices in all main language regions in Switzerland and operates globally via an international network of leading law firms. For further information please visit baerkarrer.ch.
