Liberty Global has completed its acquisition of Sunrise Communications.
Liberty subsidiary UPC Schweiz GmbH now holds more than 98% of the share capital and intends to initiate a “squeeze-out”, under the Swiss Financial Market Infrastructure Act.
Sunrise will then become a a wholly-owned subsidiary within the Liberty Global group.
Both Sunrise and UPC Schweiz GmbH will both be subsidiaries of Liberty Global and operate independently until the completion of the deal in early 2021.
Mike Fries, CEO, Liberty Global, commented, “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.”
The transaction, initially announced in August 2020, creates the second-largest telecommunications group in Switzerland after Swisscom. Like Swisscom, UPC/Sunrise will have its own mobile and fixed network infrastructure.
