Liberty Global to Take Stake in Sunrise Communications in Switzerland Deal
October 14 2019 - 2:15AM
Dow Jones News
By Cristina Roca
Liberty Global PLC has agreed to support Sunrise Communications
Group AG's (SRCG.EB) fundraising for its acquisition of UPC
Switzerland with a commitment of up to 500 million Swiss francs
($501.3 million), the companies said Monday.
Liberty Global, which owns UPC Switzerland, has agreed to
support the Swiss telecommunications company's CHF2.8 billion
rights issue through the purchase of tradeable subscription rights
at market prices and of newly issued shares.
If the CHF500 million commitment is fully utilized, Liberty
Global will own 7.8% of Sunrise, the companies said. They have also
agreed that Liberty Global will receive one board seat nomination
in Sunrise if its shareholding exceeds 5%.
Liberty Global said in February that it would sell the Swiss UPC
unit to Sunrise in a deal with an enterprise value of about $6.3
billion. All other terms of the deal remain the same, the companies
said Monday.
Write to Cristina Roca at cristina.roca@dowjones.com;
@_cristinaroca
(END) Dow Jones Newswires
October 14, 2019 02:00 ET (06:00 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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