Wednesday, 13 November 2019

Sunrise's $6.3bn Liberty Global deal collapses as shareholders reject acquisition

By Chris Kelly, Total Telecom
Wednesday 23 October 19

The takeover of Liberty Global's Swiss assets was announced in February 2019

Sunrise's proposed $6.3 billion takeover of Liberty Global's Swiss network has collapsed, after the company failed to win support from its shareholders in a crucial vote. Sunrise was poised to acquire Liberty Global's Swiss network…

Sunrise's proposed $6.3 billion takeover of Liberty Global's Swiss network has collapsed, after the company failed to win support from its shareholders in a crucial vote.

Sunrise was poised to acquire Liberty Global's Swiss network, which would have dramatically boosted its market share in Switzerland.

“It is very disappointing,” Sunrise's CEO, Olaf Swantee told journalists from the Financial Times.

“It was a unique opportunity to consolidate the Swiss market but we have to respect shareholders. We now have to go back to our standalone strategy.”

In the wake of the announcement, Sunrise has cancelled its scheduled EGM.

"We regret cancelling the EGM. We have spent a significant amount of time engaging with our shareholders and continue to believe in the compelling strategic and financial rationale of the acquisition," said Peter Kurer, chairman of the board of directors of Sunrise.

Sunrise was one of the first telcos in the world to launch 5G when it rolled out its next generation mobile networks in April 2019.

The proposed acquisition of Liberty Global's network would have helped the company scale up its fledgling 5G network.  

Also in the news

Looking ahead to TT Congress 2019

Sunrise and Huawei hit 3.67Gbps in Swiss 5G trial   

Ramping up 5G at the Global Mobile Broadband Forum

Since you're here...

...the Telecoms industry is characterised by constant change and evolution. That's why it's crucial for telecoms professionals to keep up-to-date with what is happening. Join 35,000+ of your peers and sign up to our free newsletter service today, to be in the know about what is going on. PLUS, as a member you can submit your own press releases!

See all membership options

Please enable JavaScript to view the comments powered by Disqus.

Newsletter signup

Quickly get on board and up to date with the telecoms industry