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.
Liberty Global remains committed to selling its Swiss cable subsidiary UPC to local telco Sunrise under the agreed terms.
Swiss cable operator UPC is currently preparing the introduction of 1Gbps internet access which it wants to make available on its entire network later this year.
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.
Weakness in Virgin Media is hurting Liberty Global, which lost 29,000 RGUs in the second quarter, as compared to a gain of 41,000 RGUs in the prior-year period. This was despite improved performances in the remaining CEE operations, as well as Switzerland and Telenet.
Liberty Global has completed the sale of its operations in Germany, Hungary, Romania and the Czech Republic to Vodafone.