Swiss full service provider Sunrise has announced plans to list its shares on Switzerland’s SIX Swiss Exchange in H1 2015, the company said in a statement today. The company expects primary gross proceeds of the initial public offering (IPO) to total around CHF1.35 billion (USD1.33 billion), which will be used to deleverage its balance sheet and reduce its cost of debt. Sunrise’s parent company, private equity firm CVC Capital Partners, has also agreed to make shares available in a possible over-allotment which, if exercised in full, would increase the IPO size by 15%. Commenting on the IPO, Libor Voncina, CEO of Sunrise added: ‘The planned IPO will underpin the execution of our strategy and facilitate our ongoing investments into technology, customer care and network to continue the improvement of customer experience and service quality for our valued Swiss customers.’
The announcement comes on the heels of the revelation in late December that another Swiss operator, Orange Switzerland, would soon change hands. As previously reported by CommsUpdate, Iliad founder Xavier Niel has agreed to purchase Orange Switzerland for CHF2.8 billion.