Liberty Global to pay $5.4bn for Sunrise Communications
The deal reverses a failed transaction from 2019, in which Liberty’s attempt to sell the company’s UPC Switzerland unit to Sunrise crumbled in the face of opposition
12 August 2020 - 17:11
London — Billionaire John Malone’s Liberty Global has agreed to buy Sunrise Communications in a deal that values the Swiss phone carrier at about Sf5bn ($5.4bn) and revives a combination that fell through in 2019.
The cable giant offered Sf110 per share, and Sunrise’s largest shareholder, Freenet, has agreed to sell its 24% stake, Liberty said in a statement on Wednesday. The offer is a 28% premium to Sunrise’s closing share price on Tuesday. Sunrise shares surged as much as 27% at the Swiss market open to Sf109.5...
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