Weekly Report

Market PulseJanuary 23, 2026by ValIndex Intelligence

Week 4

New Registrations

1,241

+4% WoW

+45% 4W

Distress Events

546

+5% WoW

+74% 4W

M&A Deals

+150% WoW

+131% 4W

Succession Alerts

-9% WoW

+37% 4W

Publications

7,226

-10% WoW

+30% 4W

Deal of the Week

Type	Acquirer	Target	Sector	Assets	Net
Merger	Horia SA		Business Services	3.9M CHF	2.7M CHF

More in this edition

Sonova Consumer Hearing Switzerland AG←Sonova AG312.2M CHF
Baloise Anlagestiftung für Personalvorsorge←Baloise Leben AG197.9M CHF
Finstar AG←Hypothekarbank Lenzburg AG25.8M CHF
?←SPAR Handels AG85.0M CHF
?←TopCC AG47.2M CHF
Möbel Kamber AG"←Möbel Kamber + Co2.3M CHF
Strub Bau AG←SB Unternehmen AG1.9M CHF
?←m3 H En Belle Vue SA1.5M CHF
Aquila Investment Partner AG←Aquila AG1.3M CHF
5 bankruptcy investigations
3 signal spotlights

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Canton Activity Map

Most M&A Deals

Aargau

1deals

Runner-up

Jura

1deals

National Total

2deals this week

Top Jurisdictions

1.Aargau

17.7%

2.Jura

10.8%

Top 3 cantons represent 100% of national m&a deals activity this week.

Low

High

Source: SOGC Publications

Sector Signals

Growing

Stable

Declining

New

(4-week trend)

11 sectors · 12 weeks aggregated · box size = M&A count35 M&A signals · % = 4-week trend

M&A Transactions (9 more)

Type	Acquirer	Target	Sector	Assets	Net
Asset Transfer	Sonova Consumer Hearing Switzerland AG	Sonova AG	Precision & Medtech	312.2M CHF	312.2M CHF
Asset Transfer	Baloise Anlagestiftung für Personalvorso	Baloise Leben AG	Financial Services	197.9M CHF	197.9M CHF
Asset Transfer	Finstar AG	Hypothekarbank Lenzburg AG	Technology & Software	25.8M CHF	25.6M CHF
Asset Transfer		SPAR Handels AG	Retail & Consumer	85.0M CHF	7.9M CHF
Asset Transfer		TopCC AG	Retail & Consumer	47.2M CHF	3.8M CHF
Asset Transfer	Möbel Kamber AG"	Möbel Kamber + Co	Retail & Consumer	2.3M CHF	2.1M CHF
Asset Transfer	Strub Bau AG	SB Unternehmen AG	Building & Infrastructure	1.9M CHF	1.9M CHF
Asset Transfer		m3 H En Belle Vue SA	Real Estate	1.5M CHF	1.5M CHF
Asset Transfer	Aquila Investment Partner AG	Aquila AG	Financial Services	1.3M CHF	1.0M CHF

Signal Spotlights (3)

M&AAG

Finstar AG / Hypothekarbank Lenzburg AG

Finstar AG (Aargau) acquired CHF 25.8M in assets from Hypothekarbank Lenzburg AG via asset transfer. Hypi Lenzburg, a publicly traded cantonal-style bank known for its fintech partnerships (including the NEON banking app), appears to be restructuring parts of its portfolio. The transfer to Finstar — a technology-focused holding company — suggests a carve-out of digital or non-core banking assets. This deal exemplifies the ongoing blurring of lines between traditional Swiss banking and fintech.

SUCCESSIONVD · MedTech & Dispositifs Médicaux

Asecud SA

Asecud SA (Ecublens, VD), a precision engineering firm in the medtech cluster, lost both its board members — Wieczorek Lothar and André Luc — with no replacements appointed. The dual departure from this Vaud-based company is a classic succession signal. Asecud operates in a niche where specialized technical knowledge makes leadership transitions particularly challenging, suggesting either a planned wind-down or an acquisition in progress.

DISTRESSNE · Cabinet Médical (Individuel)

Aeschlimann Elena Sàrl en liquidation

Aeschlimann Elena Sàrl (La Chaux-de-Fonds, NE), a dental practice operator founded in 2011, entered bankruptcy by judgment of the Tribunal régional des Montagnes et du Val-de-Ruz. The filing adds to a cluster of healthcare-sector insolvencies in Neuchâtel canton this month. Small, single-practitioner healthcare GmbHs remain vulnerable to margin compression from rising equipment costs and insurance reimbursement pressures.

Notable Bankruptcies (5)

Company	Canton	Sector	Details
Omnicom S.A. en liquidation Marketing, advertising, and internet-related activities	NE	Technology & Software	Est. 1998 · TM: OMNICOM
Aeschlimann Elena Sàrl en liquidation Operates dental practices/clinics	NE	Healthcare	Est. 2011 · gov contracts
Markaz GmbH Car garage and car sales	SO · AG	Automotive & Mobility	Est. 2016
Align Technology Switzerland GmbH Dental surgery and orthodontics products	ZG · AG	Precision & Medtech	Est. 2019
Eska Sanitär Heizung AG Sanitary, heating, ventilation, and general contracting	AG · AG	Building & Infrastructure	Est. 2021

Weekly Take

The Swiss commercial register reached cruising speed in W04, with activity levels stabilizing after the sharp post-holiday rebound. New registrations held steady at 1,241 (+3.5% WoW), while board changes eased slightly to 2,398 (-3.7%) — both signs that the January governance backlog is clearing. The 4-week rolling averages show all KPIs still elevated versus the holiday trough, but week-on-week volatility is narrowing.

Bankruptcies surged to 227, the highest weekly count of 2026 so far, as cantonal courts worked through a pipeline of cases deferred over the holidays. The filings span diverse sectors — from Omnicom S.A. (marketing, est. 1998) in Neuchâtel to Align Technology Switzerland GmbH (dental medtech) in Zug. The concentration in Neuchâtel and Aargau warrants monitoring in coming weeks.

The deal pipeline featured two marquee asset transfers: Sonova's CHF 312M restructuring of its consumer hearing division into a new Swiss entity, and Baloise Leben AG's CHF 198M transfer to Baloise Anlagestiftung. Both are corporate reorganizations rather than true M&A, but Finstar AG's acquisition of Hypothekarbank Lenzburg AG's CHF 25.6M in assets signals genuine consolidation in the Swiss fintech-banking nexus.

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