European telecoms consolidation is rumbling along, and Liberty Global Chairman John Malone is once again taking his chips off the table. LiamWardProud
Sunrise Communications on Feb. 27 agreed to buy Liberty Global’s UPC Switzerland business for an enterprise value of 6.3 billion Swiss francs .
Sunrise will pay Liberty Global 2.7 billion Swiss francs in cash, and assume 3.6 billion Swiss francs of UPC's debt. It will fund the deal partly through a 4.1 billion franc rights issue, which will also go to paying down roughly 1.1 billion francs of existing borrowings. The rights issue must be approved at Sunrise’s April 10 shareholder meeting. The transactions will leave its net debt at roughly three times its trailing EBITDA, falling to 2.7 times once 190 million euros of cost synergies from the deal are included.
UPC’s business has 1.1 million TV customers and 138,000 mobile phone clients in Switzerland. The deal is expected to close in the second half of 2019.
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