December 15, 2010
Novartis agrees to buy remaining 23% stake plus shares for $12.9 Billion, the largest merger in Swiss history and one of the largest buyouts in history.
On December 15, Novartis AG announced that it entered into an agreement to complete a full merger and purchase the remaining 23% of Alcon, Inc. Willkie represented Credit Suisse, the financial advisor to Novartis in the transaction. Novartis, with full support of its Board of Directors, approved the merger for $168 in cash and shares totaling $12.9 billion. In August, Novartis of Basel, Switzerland, completed the first part of the two-part acquisition by purchasing 77% of Alcon, for $38.6 billion, from Nestle SA. The transaction is the largest merger in Swiss history and is one of the largest buyouts in history. Alcon Inc., headquartered in Hunenberg, Switzerland, is a wholesaler and manufacturer of eye care products whose core business is centered on surgical, pharmaceutical and consumer vision care. Novartis manufactures pharmaceuticals as well as optical and ophthalmic products such as contact lenses. After the completion of the merger, Alcon will become the new eye care division of Novartis.