Fairness Opinion for Burkhalter and Poenina

On 31 March 2022, Burkhalter Holding Ltd (Burkhalter) and poenina holding ltd (Poenina) announced their intention for a joint merger with completion by the end of June 2022. The evaluation of the merger, which began in January 2022 in light of the Swiss Energy Strategy 2050 and the associated building refurbishment measures, was thus successfully completed.

The core competencies of both companies are complementary. Poenina is active in the main business areas of sanitary, heating, cooling, ventilation and air conditioning technology as well as roofing and plumbing, while Burkhalter covers the full range of electrical engineering services. With the merger, these services are to be offered from a single source. This will create an integrated provider of comprehensive building technology services with around 4’600 employees and almost 80 group companies at approximately 150 locations in Switzerland and the Principality of Liechtenstein. All employees shall be taken over and new jobs will be created.

Based on the positive results of the merger evaluation, the boards of directors of Burkhalter and Poenina signed a merger agreement on 30 March 2022 which is to be approved by the respective general meetings at the end of May 2022. Subject to the approvals of the general meetings of both companies, Poenina will be merged into Burkhalter as part of an absorption merger.

Support by IFBC

‍In the proposed absorption merger, Poenina shareholders shall receive 0.73 shares in Burkhalter per share of Poenina. IFBC prepared an independent fairness opinion in accordance with the Merger Act for the attention of the boards of directors of Burkhalter and Poenina to assess the financial fairness of this exchange ratio.

About Burkhalter

‍Burkhalter Group is the leading provider of electrical engineering services for buildings and is represented by almost 50 group companies at over 100 locations in Switzerland. Burkhalter Group, which is headquartered in Zurich, employs more than 3’000 people. Burkhalter Holding Ltd is listed on the SIX Swiss Exchange.

About Poenina

‍Poenina is a leading provider of services in the fields of building technology and building envelopes and is present with 29 companies at 42 locations in Switzerland and the Principality of Liechtenstein. The head office is located in Opfikon (ZH). Poenina employs almost 1’500 people. poenina holding ltd is listed on the SIX Swiss Exchange

The media releases can be found here:
Media release Burkhalter
Media release Poenina (in German)

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