SWITZERLAND Law and Practice Contributed by: Marco Toni, Gilles Pitschen, Leonard Baumann and Lara Pafumi, Loyens & Loeff
Loyens & Loeff Switzerland Alfred-Escher-Strasse 50 CH-8002 Zurich Switzerland Tel: +41 43 434 67 00 Email: zurich@loyensloeff.com Web: www.loyensloeff.com
1. Market Trends 1.1 Technology M&A Market
vices, and former ETH Zurich spin-off, for USD1.3 billion; and • Swiss-listed SoftwareOne Holding AG’s takeover of Crayon Group Holding ASA, a Norwegian cloud services provider, for USD1.3 billion. 1.2 Key Trends In the TMT sector, the ongoing need for companies to transform their businesses, drive innovation and enhance digitalisation – particularly with advances in AI – remains a key growth driver. While cross-border M&A activity in Switzerland in general could see a shift from inbound to more outbound transactions since mid-2022, there has been strong interest from foreign investors in Swiss software companies and IT service providers. Compared to other sectors, TMT deals in Switzerland have a higher proportion of foreign inves- tors, highlighting the generally more international orientation of the sector and its strategic relevance beyond national borders. Zurich, Switzerland, in particular, has emerged as one of Europe’s most dynamic tech hubs, attracting global players like Google, Meta and Microsoft. Given Switzerland’s attractiveness as a business location and Zurich’s vibrant start-up community, producing numerous spin-offs in AI and robotics, software com- panies and IT service providers have been popular targets for inbound transactions. In terms of regulatory trends potentially affecting M&A activity in the tech industry, recent developments in the field of foreign direct investment (FDI) screening as well as AI regulation are particularly worth mentioning.
Following a significant decline in 2024, the global technology, media, and telecommunications (TMT) M&A market began to rebound in 2025, despite ongo- ing geopolitical uncertainties, especially concerning US trade policies. Previous challenges such as high inflation and elevated interest rates have started to ease, contributing to a more conducive setting for M&A activity. While the number of transactions remained relatively modest, the total deal value rose significantly. This growth was primarily driven by high- value strategic acquisitions and increased investment in artificial intelligence (AI). Switzerland’s TMT market followed a similar pattern. Activity peaked in early 2023, declined through mid- 2024, briefly recovered late that year and surged in Q1 2025, before slowing again in Q2. Private equity and financial investors continue to play a prominent role in the Swiss TMT M&A market, rep- resenting a significantly higher share of deals than the global average. This reflects the sector’s strong appeal to financial investors. Key Swiss-related tech deals in 2025 include: • Shift4 Payments’ USD2.5 billion acquisition of Global Blue Group Holding AG, a Swiss-based tax- free shopping technology provider; • Advent’s acquisition of U-blox Holding AG, a Swiss-based provider of leading positioning and short-range communication technologies and ser-
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