NZZ strengthens position in APG|SGA: stake to rise to 45 percent
The NZZ Group is strengthening its position in the Swiss outdoor advertising market and acquiring stakes held by major shareholders JCDecaux and Pargesa. The deal is subject to certain conditions and marks a change in leadership: NZZ CEO Felix Graf is set to take over as chairman.
NZZ intends to increase its stake in APG|SGA from 25 to 45 percent. It has been announced that the media company has reached an agreement with JCDecaux and Pargesa to purchase a total of 20 percent of the shares at a price of CHF 220 each. APG's independent board members support the move as a "market-friendly solution" to stabilize the shareholder base.
"Opting-up" hurdle
Completion is subject to the Annual General Meeting approving an "opting-up" clause. This would exempt NZZ from the obligation to make a public takeover offer up to a threshold of 49 percent. The decision will be made at an extraordinary general meeting on January 23, 2026, with the public shareholders alone having the final say ("majority of the minority").
