Liberty Global has completed the previously announced spin-off of its Swiss business, Sunrise, into a separate publicly traded company.

The completion follows the approval of the transaction at a special meeting of Liberty Global shareholders on October 25, 2024. Liberty Global will continue to own and operate its Liberty Telecom businesses in Belgium, Ireland, Slovakia, the U.K and the Netherlands.

Mike Fries, CEO, Liberty Global, and incoming Chairman of Sunrise, said: “The successful completion of the spin-off marks an important milestone in our ongoing strategy to unlock value for Liberty Global shareholders, allowing them to directly participate in the future performance of Sunrise with its strong capital structure, attractive equity story, future cash generation potential and scope for dividends. Under the leadership of its experienced management team, Sunrise is well-positioned to continue to deliver innovative solutions and superior connectivity to Swiss consumers and businesses.”

Trading Sunrise shares, in the form of Sunrise American Depository Shares (ADSs), will be distributed to Liberty Global shareholders by the ADS depository on November 12, 2024.

Liberty Global shareholders will receive 1 Sunrise Class A ADS for every 5 Class A or Class C Liberty Global shares held as of the close of business on the distribution record date of November 4, 2024, and 2 Class B ADSs for every 1 Liberty Global Class B share.

As of the spin-off, 68,759,702 Sunrise Class A Common Shares and 25,977,316 Sunrise Class B Shares will be outstanding. Sunrise Class A ADS will commence trading on the Nasdaq under the ticker symbol “SNRE” on November 13, and the Sunrise Class A common shares on the SIX Swiss Exchange under the ticker symbol “SUNN” on November 15.

Sunrise Class A shares are anticipated to be included in the Swiss Performance Index five trading days following November 15, 2024.

Holders of ADSs who wish to hold the Sunrise shares directly, rather than in ADS form, will need to cancel the ADSs, withdraw the underlying shares and deposit such shares with a bank, broker or other nominee capable of holding and trading the Sunrise shares on the SIX Swiss Exchange.

Sunrise ADS holders should confirm with their brokers how ADSs or Sunrise shares can be held, purchased, sold, financed and transferred. Holders of Sunrise ADSs will be entitled to cancel the Sunrise ADSs and withdraw the underlying Sunrise shares at any time beginning on November 14, 2024 as follows:

  • 1 Sunrise Class A share for each Sunrise Class A ADS
  • 1 Sunrise Class B share for each Sunrise Class B ADS Sunrise ADS holders who cancel their Sunrise ADSs and withdraw the underlying Sunrise ordinary shares within the first three months following the spin-off will not have to pay cancellation fees of up to $0.05 per Sunrise ADS.

Read the full release.