Liberty Global To Sell Swiss Operation

By Micah Maidenberg

Cable and broadband provider Liberty Global PLC (LBTYA) has agreed to sell its Swiss unit UPC Switzerland to Sunrise Communications Group AG (SRCG.EB).

Liberty Global said Wednesday it will receive roughly $2.6 billion cash in the deal, while Sunrise, a Swiss telecommunications firm, will take on UPC's debt, which totaled about $3.7 billion at the end of the year.

The deal has an enterprise value of about $6.3 billion, according to Liberty.

UPC's operation in Switzerland covers 2.3 million homes and provides video, broadband or voice services to 1.1 million customers, Liberty said.

"The combined company will have the scale to drive innovation, invest in new services and pursue growth by providing innovative and competitively priced offers," Sunrise said in a statement.

The deal is expected to be completed before the end of the year.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

February 27, 2019 17:18 ET (22:18 GMT)

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