Baker McKenzie advised VAT Group (“VAT”), a leading global supplier of high-end vacuum valves and vacuum-sealing technology, on its agreement to acquire Atonarp Inc. (“Atonarp”), a Japan-based pioneer in real-time molecular profiling for advanced semiconductor and industrial processes.
Under the terms of the agreement, VAT will acquire 100% of the outstanding shares of Atonarp from its current shareholders for a total consideration of approximately CHF 110 million, payable in cash. VAT intends to finance the acquisition through a committed bilateral loan agreement of CHF 110 million.
The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions, including regulatory approvals. Until closing, VAT and Atonarp will continue to operate as separate and independent companies.
The acquisition supports VAT Group’s 2025 growth strategy and expands its portfolio beyond core valve technologies. Atonarp’s miniaturized mass spectrometry sensors enable in-situ, real-time monitoring inside semiconductor process chambers—capabilities that are increasingly critical as chip manufacturing advances toward sub-2nm nodes.
Baker McKenzie advised VAT Group on all legal aspects of this transaction.
The cross-border Baker McKenzie team was led by M&A partner Alexander Fischer (Zurich) along with Cathrin Marxer (senior associate, M&A, Zurich) and Andrew Tyau (senior associate, M&A, London) and further consisted of:
Switzerland:
Julia Schieber (partner, Intellectual Property / Technology)
Boris Wenger (partner, Antitrust & Competition)
Markus Wolf (partner, Banking & Finance)
Jasmin Spoerri (associate, M&A)
Laksanaporn Chaiyakham (associate, M&A)
Japan:
Akira Inoue (partner, Litigation/Arbitration & Dispute Resolution)
Seiji Tomimoto (partner, Corporate)
Hiroaki Nagahashi (of counsel, Litigation/Arbitration & Dispute Resolution)
Tatsuya Niwa (senior associate, M&A)
Masayuki Shinoura (senior associate, Litigation/Arbitration & Dispute Resolution)
Satoshi Ishii (associate, M&A)
Kana Nomizo (associate, M&A)
UK:
George Ewen (senior associate, Private Equity)
USA:
Benjamin Ho (partner, Employment & Compensation)
Victor Durham-Flores (partner, Employment & Compensation)
Michelle D`Souza (associate, Corporate)
Kasey Isobe (associate, Employment & Compensation)
About VAT Group
VAT Group AG is a Swiss company headquartered in Haag, St. Gallen and listed on the SIX Swiss Exchange. Founded in 1965, the company develops, manufactures, and supplies vacuum valves, multi-valve modules, motion components, and edge-welded metal bellows for semiconductor, display, photovoltaic, industrial, and research applications. VAT operates through two main segments: Valves and Global Service.
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