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.
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.
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.
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).