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.
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.
Virgin Media has launched a home broadband service that runs at speeds 20 times faster than the UK average.
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.
German cable operator association FRK intends to take legal action against the European Commission’s decision to approve the acquisition of Liberty Global’s German cable subsidiary Unitymedia by Vodafone.
Eric Tveter, former Central Europe CEO of Liberty Global, has become a major investor and the first chairman of London-based start-up Veloce Esports.
Sky is in talks over a potential investment that could see it join Liberty Global in the build of a new fibre network to compete with BT.