Cable operator UPC Switzerland has completed its acquisition of rival full-service provider Sunrise Communications, the former’s parent company Liberty Global has confirmed. The two companies will continue to operate independently until they are integrated into a single entity, with the merger process expected to be completed in early 2021. UPC had issued an all cash public tender offer to acquire all of the publicly held shares in Sunrise in August, with the company revealing in late October that the offer had a success rate of over 96%. Following the receipt of the necessary regulatory approvals, the company completed the transaction and now holds more than 98% of the share capital of Sunrise. Liberty Global is now planning to initiate a squeeze-out to take full ownership of the company, following which the Sunrise shares will be delisted from the SIX Swiss Exchange.
Commenting on the development, Liberty Global Mike Fries was quoted as saying: ‘Today marks another important step in our strategy of creating leading national fixed-mobile champions across Europe. By bringing together UPC’s leading gigabit broadband network and the most advanced 5G network of Sunrise, the combined company will provide seamless connectivity for millions of Swiss consumers and thousands of Swiss businesses.’