Baker & McKenzie announced today that it is advising 3i on one of the largest management buy-outs of 2003 in Switzerland. 3i, together with the management team, is to acquire MIB AG Property+Facility Management from Siemens Building Technologies AG. The deal, which was signed on 8 November 2003, is subject to approval by the Swiss Merger Control Authorities.

Headquartered in Baden, MIB AG Property+Facility Management is the leading provider of facility management services in Switzerland, with some 700 employees and a turnover of CHF125 million. The company is responsible for more than 1,000 buildings, occupying a total of 3.5 million square meters. Post buy-out, the business will be jointly owned by 3i and the management team, led by Chairman Josef Spichtig and Managing Director Hans Dietz. 3i will be the majority shareholder.

The Baker & McKenzie team advising 3i is led by Zurich partners Martin Frey and Martin Furrer, supported by Marcel Giger, Lukas Glanzmann, Davide Jermini, Christian Drechsler and Theo Härtsch.

British MP George Galloway and his opponent the Daily Telegraph will leave no stone unturned to sort out what could be a spectacular libel case.