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.
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.
The European Commission has approved the acquisition of Liberty Global’s cable business in Germany, the Czech Republic, Hungary and Romania by Vodafone.
Liberty Global has appointed Lutz Schüler as the new CEO of Virgin Media, the company’s cable operations in the UK and Ireland, effective June 11, 2019.
Swiss telecommunications company Sunrise has agreed to acquire cable operator UPC Switzerland, a wholly-owned subsidiary of Liberty Global, for an enterprise value of CHF6.3 billion (€5.5 billion).
Liberty Global’s Chief Commercial Officer Diederik Karsten is to leave the cable and broadband operator after the completion of a number of M&A transactions.
The European Commission (EC) has concerns about Vodafone’s proposed acquisition of Liberty Global’s subsidiaries in Germany, the Czech Republic, Hungary and Romania and has therefore opened an in-depth investigation.
Ireland will do well regardless of the outcome of Brexit, according to Liberty Global CEO Mike Fries.
Lutz Schüler, currently CEO of German cable operator Unitymedia, will become Chief Operating Officer of UK cable company Virgin Media from September 10, 2018.
Liberty Global has agreed to sell its operations in Germany, Hungary, Romania and the Czech Republic to Vodafone for €19 billion ($22.7 billion) on a US GAAP basis, compared to €18.4 billion ($22 billion) on an EU-IFRS basis.