Swiss insurers Helvetia and Baloise have announced a merger, which the CEOs of both companies describe as positive news for the Basel region. However, the merger will involve job cuts and a hiring freeze. Ahead of the merger, the activist investor Cevian sold its 9.35% stake in Baloise to Patria, Helvetia's main shareholder. This transaction was confirmed by multiple sources, highlighting a strategic consolidation in the Swiss insurance sector. Separately, a former shareholder of the Montreal Canadiens has sold one of his companies for $2.2 billion, though this deal is unrelated to the Helvetia-Baloise merger.