In Switzerland, total M&A deal value grew significantly last year, thanks to larger average deal sizes. There were 464 M&A deals in 2024 — down 4 percent from the year before — but total value surged more than 50 percent, from $72 billion to $115 billion. IPO activity followed a similar pattern, with marquee listings like Galderma’s $2.6 billion IPO and Sunrise’s return to the Swiss exchange in November.1, 2
Global geopolitical and economic uncertainty has kept investors cautious, but Switzerland’s stable regulatory environment and low interest rates have helped keep it attractive for dealmaking, based on PWC’s 2025 outlook.3 Heading into the new year, many expected a more active 2025.
That momentum is starting to show up in the market, as one of the year’s standout transactions just closed: SoftwareOne’s public takeover of Crayon, advised by Jefferies.4
The deal brings together two major players in software and cloud solutions. Valued at $1.5 billion, it’s the largest pan-European transaction in two years and the only Swiss-led acquisition since 2022 to top the $1 billion mark.
The deal is notable for a few reasons. First, it marks Jefferies’ first public buy-side takeover in Switzerland for a local corporate client. The transaction follows the appointment of Vincent Thiebaud as Head of Switzerland Investment Banking in June 2024 — a move that reinforces Jefferies’ commitment to growing its presence in the DACH region.
More fundamentally, the structure and execution of the transaction broke new ground in the Swiss market. The offer included a 40/60 mix of cash and stock, a structure not commonly seen in Switzerland. It delivered a premium of up to 40 percent for both SoftwareOne and Crayon shareholders and was financed through a mix of new equity and fresh capital, all while preserving SoftwareOne’s dividend policy and investment-grade profile.
Executing the deal required coordination across two regulatory systems — Swiss and Norwegian — as well as a dual listing in Oslo to accommodate Crayon’s investor base. Jefferies secured early commitments from key shareholders and helped convert skeptics into supporters, ultimately winning backing from over 90 percent of Crayon shareholders, including the Norwegian Pension Fund.
Despite a 55 percent decline in SoftwareOne’s valuation in the months leading up to the announcement, the deal went forward, underscoring the strength of the strategic rationale. The combined company is expected to generate CHF 80–100 million in cost synergies and position itself as a global leader in software and cloud services. Jefferies also managed antitrust and regulatory approvals across more than ten jurisdictions, adding yet another layer of complexity to an already ambitious cross-border transaction.
The SoftwareOne–Crayon deal reflects the kind of cross-border activity that’s still possible in Switzerland, even in a cautious market. It also points to a more flexible approach to deal structuring, shareholder engagement, and regulatory coordination — one that may become more common as dealmaking picks up. With stable fundamentals and signs of renewed momentum, Switzerland remains a reliable platform for companies looking to make strategic moves, both at home and abroad.
- https://www.galderma.com/news/galderma-launches-ipo-six-swiss-exchange-and-sets-price-range-0 ↩︎
- https://www.six-group.com/en/newsroom/media-releases/2024/20241115-sunrise-listing.html ↩︎
- https://www.pwc.ch/en/insights/strategy/m-and-a-industry-trends-2025-outlook.html ↩︎
- https://www.softwareone.com/en/investors/softwareone-crayon ↩︎
