Liberty Global spins off Sunrise and its share on the Zurich Stock Exchange

Liberty Global spins off Sunrise and its share on the

(Finance) – Liberty Globala multinational active in the field of telecommunications, has announced theplans to spin off Swiss unit Sunrise to maximize shareholder value by crystallizing the value of Sunrise, and enabling shareholders to fully participate in the future growth and upside of both Sunrise and Liberty Global. The spin-off will also offer the opportunity to broaden the investor base, given the distinct and compelling investment profiles of both Sunrise and Liberty Global, it said in a statement.

There quotation of Sunrise on SIX Swiss Exchange is scheduled for the second half of 2024. Sunrise will be listed with a long-term, low-cost capital structure supported by debt reduction of up to 1.5 billion francs ($1.7 billion). The companies anticipate that debt relief will be achieved through Sunrise’s expected FCF generation, debt optimization and Liberty Global’s corporate liquidity, including disposals of non-core assets at Liberty Global.

Following the spin-off of Sunrise, Liberty Global will retain its established interests in Telenet, Virgin Media Ireland and its joint venture interests in Virgin Media-O2 and VodafoneZiggo in addition to its Ventures portfolio and a significant remaining cash balance.