Liberty Global Terminates Discussions Regarding Combination of UPC Switzerland and Sunrise, Confirms Turnaround Plan on Track
December 17 2019 - 12:00AM
Business Wire
Liberty Global plc (“Liberty Global” or the “Company”) (NASDAQ:
LBTYA, LBTYB and LBTYK) announced that it has terminated
discussions regarding the combination of UPC Switzerland and
Sunrise Communications.
“We wish Sunrise well but we are moving on. Despite our
willingness to show significant flexibility on terms, it’s clear to
us that the Sunrise Board of Directors and their largest
shareholder cannot agree amongst themselves on the best path
forward,” said Mike Fries, CEO of Liberty Global. “As we close that
door, we are excited by the success of UPC Switzerland’s turnaround
plan and free cash flow generation, and we will obviously consider
other strategic options in the marketplace. We’ve seen in The
Netherlands, Belgium and elsewhere around the world, that the
industrial logic of fixed-mobile convergence is indisputable. UPC
Switzerland is the fulcrum asset in the Swiss telecom market, with
a nationwide 1 Gigabit network, the best entertainment platform and
a growing fixed-mobile subscriber base.”
Liberty Global and Sunrise announced a binding agreement on
February 27, 2019 and the combination received unconditional
regulatory approval in September. However, in October, Sunrise
cancelled its extraordinary general meeting (EGM), with approval
from Liberty Global, due to a dispute with its largest shareholder
and the Share Purchase Agreement providing for the transaction was
terminated in November. After payment to Liberty Global of a CHF 50
million break fee, negotiations continued up until this
announcement.
ABOUT LIBERTY GLOBAL
Liberty Global (NASDAQ: LBTYA, LBTYB and LBTYK) is one of the
world’s leading converged video, broadband and communications
companies, with operations in six European countries under the
consumer brands Virgin Media, Telenet and UPC. We invest in the
infrastructure and digital platforms that empower our customers to
make the most of the digital revolution. Our substantial scale and
commitment to innovation enable us to develop market-leading
products delivered through next-generation networks that connect 11
million customers subscribing to 25 million TV, broadband internet
and telephony services. We also serve 6 million mobile subscribers
and offer WiFi service through millions of access points across our
footprint.
In addition, Liberty Global owns 50% of VodafoneZiggo, a joint
venture in the Netherlands with 4 million customers subscribing to
10 million fixed-line and 5 million mobile services, as well as
significant investments in ITV, All3Media, ITI Neovision,
LionsGate, the Formula E racing series and several regional sports
networks.
For more information, please visit www.libertyglobal.com.
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