In October 2020, Avaloq Group (Avaloq), a Swiss-based global leader in digital banking solutions, core banking software and wealth management technology, announced that NEC Corporation had agreed to acquire a 100% shareholding in Avaloq. NEC is a leading Japanese-based IT group focused on the integration of IT and network technologies that benefit businesses and people around the world, with office locations in more than 50 countries. Under the agreement, NEC will acquire all outstanding shares from the existing shareholders, which includes the founders, current and former employees as well as private equity firm Warburg Pincus. The transaction values Avaloq in excess of CHF 2 bn.
Riedweg & Partner acted as Swiss tax advisor to Avaloq relating i.a. to tax structuring of the transaction, tax aspects of the legal documentation and tax consequences for Swiss based shareholders.