Swiss Competition Commission to review Sunrise's UPC takeover

Takeover UPC Switzerland: In-depth review by COMCO/WEKO (Swiss Competition Commission)

ZURICH — The Swiss Competition Commission (COMCO/WEKO) has decided to examine in detail the planned takeover of UPC Switzerland by Sunrise from its owner Liberty Global. Such a phase II review is in line with Sunrise’s expectation.

On February 27, 2019, Sunrise announced that it had signed a binding agreement to acquire Swiss cable operator UPC Switzerland, a wholly-owned subsidiary of Liberty Global, for an enterprise value of CHF 6.3 billion.

The transaction is transformational and reinforces Sunrise’s position as the leading converged challenger in the Swiss telecommunications market. As the number two provider in mobile, TV, fixed broadband and fixed voice, the combined company will have a scale to drive innovation, invest in new services, further increase customer satisfaction and pursue growth by attractive prices. Sunrise will be better positioned to drive competition with direct benefits for the Swiss economy and consumers as well as Sunrise customers and shareholders.

Sunrise expects that the transaction will be approved by the competition authorities, as the takeover of UPC Switzerland will intensify competition in the telecommunications market. A decision by COMCO/WEKO is expected by beginning of October 2019 at the latest. Sunrise anticipates that the transaction will be completed in the fourth quarter 2019.