The planned takeover of Swiss cable operator UPC by Sunrise has finally failed. The Swiss telecommunications company has terminated the share purchase agreement with UPC parent company Liberty Global.
German internet TV platform waipu.tv had around 366,000 subscribers on September 30, 2019, exceeding the expected number of over 350,000 paying customers for 2019 as a whole.
The showdown between the supporters and opponents of Sunrise’s takeover of UPC Switzerland will not take place for the time being: The Swiss telecommunications company pulls the emergency brake and, with approval by UPC parent company Liberty Global, cancels the extraordinary general meeting (EGM) scheduled for October 23, 2019.
In a bid to rescue the uncertain takeover of its subsidiary UPC Switzerland by Swiss telecommunications company Sunrise, Liberty Global is to participate in the capital increase arranged to finance the deal and become a shareholder in the combined entity.
Despite the downsized capital increase, Sunrise’s largest shareholder Freenet continues to reject the acquisition of UPC Switzerland from Liberty Global.
Faced with strong resistance by its main shareholder, Swiss telecommunications provider Sunrise is giving in and reducing its capital increase for the planned takeover of cable operator UPC Switzerland.
After an in-depth examination, Swiss competition commission WEKO has decided to raise no objections against the acquisition of Liberty Global subsidiary UPC Switzerland by Sunrise and has approved the transaction.
Liberty Global remains committed to selling its Swiss cable subsidiary UPC to local telco Sunrise under the agreed terms.
German media company Freenet, a major shareholder in Sunrise, will vote against the Swiss telco’s proposed takeover of cable operator UPC Switzerland, arguing that the price was too high and the conditions unfavourable.
German internet TV platform waipu.tv has increased its number of registered customers on June 30, 2019 by 923,900 year-on-year to around 1.748 million customers.