Liberty Global has terminated discussions regarding the combination of its subsidiary UPC Switzerland with local player Sunrise Communications.
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.
Swiss cable operator Sunrise has made its OTT service Sunrise TV neo available as an app on Samsung smart TVs.
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.
Switzerland’s competition commission Weko could approve the takeover of cable operator UPC by telecommunications company Sunrise, but only under conditions.
Liberty Global remains committed to selling its Swiss cable subsidiary UPC to local telco Sunrise under the agreed terms.