Liberty Global has successfully completed the acquisition of Sunrise Communications. Following receipt of the regulatory approvals and fulfilment of further purchase conditions, the completion of the transaction has taken place today with the settlement of the all cash public tender offer of UPC Switzerland (a subsidiary of Liberty Global) to acquire all publicly held shares of Sunrise Communications Group.
Liberty Global, through UPC Switzerland, now holds more than 98% of the share capital of Sunrise and will initiate a squeeze-out according to the Swiss Financial Market Infrastructure Act. Liberty Global plans to have the Sunrise shares delisted from the SIX Swiss Exchange upon completion of the squeeze-out. Sunrise is
therefore expected to become a wholly-owned subsidiary within the Liberty Global group.
While both Sunrise and UPC will both be subsidiaries of Liberty Global, they will continue to operate independently until the integration of the two companies is completed in early 2021.
Mike Fries, CEO, Liberty Global, comments, “Today marks another important step in our strategy of creating leading national fixed-mobile champions across Europe. By bringing together UPC’s leading gigabit broadband network and the most advanced 5G network of Sunrise, the combined company will provide seamless
connectivity for millions of Swiss consumers and thousands of Swiss businesses.”
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