Liberty Global to Take Stake in Sunrise Communications in Switzerland Deal

   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)

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