NZZ strengthens position at APG|SGA: stake to increase to 45 percent
The NZZ Group is consolidating its position in the Swiss outdoor advertising market and acquiring share packages from major shareholders JCDecaux and Pargesa. The deal is subject to certain conditions and heralds a change in leadership: NZZ CEO Felix Graf is set to take over as chairman.
The NZZ wants to increase its stake in APG|SGA from 25 to 45 percent. As announced, the media company has agreed with JCDecaux and Pargesa to purchase a total of 20 percent of the shares at a price of CHF 220 each. The independent members of APG's board of directors support the move as a „market-friendly solution“ to stabilize the shareholder structure.
The hurdle of «opting up»
The implementation is subject to the general meeting approving an opting-up clause. This would exempt NZZ from the obligation to make a public takeover bid up to a threshold of 49 percent. The decision will be made at an extraordinary General Meeting on January 23, 2026, with the final say resting solely with the public shareholders („majority of the minority“).
