Liberty intends to buy Swiss Provider Sunrise Communications for $ 7.4 billion

News

Liberty intends to buy Swiss Provider Sunrise Communications for $ 7.4 billion

14.08.2020 News

The international telecommunications company Liberty Global has made an offer to the Swiss Provider Sunrise Communications Group AG on the acquisition, the value of the transaction is estimated at 6.8 billion Swiss francs ($ 7.4 billion), the company said.

“Liberty Global announced today, that in accordance with the terms of the agreement between Liberty Global and Sunrise Communications Group AG, Liberty Global has agreed to make a mandatory tender offer for the purchase of all Sunrise shares for 110 Swiss francs per share, “- said in a statement.

The premium is 32% of the weighted average market price of Sunrise shares for the last 60 days at 83.17 Swiss francs. The total value of the operation is estimated at 6.8 billion Swiss francs, or 7.4 billion dollars. The operation is expected to be completed after obtaining the necessary approvals, which the parties expect at about the end of this year, and compliance with other conditions.

After reports of a deal Sunrise Communications shares rise in price by 26%, the value of the securities reached their historic record of 109 Swiss francs per share.

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