Starrag Group Holding AG completed the acquisition of Tornos Holding AG.
Michael Hauser intended to become Chairman and CEO of StarragTornos Group Ltd. The merger has been approved by the Boards of Directors of Starrag Group and Tornos. The transaction is subject to shareholders? approval of Starrag and Tornos to vote on merger agreement the extraordinary general meetings to be held on November 29 and 30, 2023 respectively. The merger is expected to be completed on December 7, 2023. The new StarragTornos Group expects sales synergies in the range of CHF 10 to 15 million in the medium term as a result of the merger. The expected cost synergies, in particular from higher purchasing volumes, optimized infrastructure costs and efficiency gains in logistics and distribution, are estimated at CHF 5 to 10 million. The merger is expected to have a positive impact on profit from 2025 onwards. As of November 29, 2023, Starrag shareholders approved the transaction.
Zürcher Kantonalbank acts as financial advisors on this transaction. IFBC AG provided fairness opinion to the board of Starrag Group and Tornos. Matthias Oertle, Astrid Waser, Stephan Brandner, Franziska Stadtherr-Glättli, Patrick Schärli, and Matthias Wolf of Lenz & Staehelin acted as legal advisor to Starrag Group.
Starrag Group Holding AG (SWX:STGN) completed the acquisition of Tornos Holding AG (SWX:TOHN) on December 7, 2023. And the name changed to StarragTornos Group AG. The new shares of StarragTornos Group AG will be traded on SIX Swiss Exchange for the first time today, December 8, 2023. At the end of November 2023, the respective Annual General Meetings of Starrag Group Holding AG and Tornos Holding Ltd. approved the proposals to merge the two companies by a large majority.