EQT is delaying listing plans for its $22 billion skincare firm Galderma as market volatility and recession fears in Europe cool investor appetite for what is set to be Switzerland’s biggest flotation in almost two decades, two sources told Reuters.
Galderma, previously part of Swiss giant Nestlé, was sold to an investment consortium led by EQT and including Singapore’s GIC and the Abu Dhabi Investment Authority for $10 billion in 2019.
Goldman Sachs, Morgan Stanley and Credit Suisse are coordinating the listing, alongside bookrunners Bank of America, BNP Paribas, Citigroup, Jefferies and UBS.
Read more: Reuters
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