Liberty Global completes Sunrise spin-off
November 11, 2024
Liberty Global has completed the previously announced spin-off of its Swiss business, Sunrise, into a separate publicly traded company.
The completion follows the approval of the transaction at a special meeting of Liberty Global shareholders on October 25th. Liberty Global will continue to own and operate its Liberty Telecom businesses in Belgium, Ireland, Slovakia, the UK and the Netherlands.
Mike Fries, CEO, Liberty Global, and incoming Chairman of Sunrise, commented: “The successful completion of the spin-off marks an important milestone in our ongoing strategy to unlock value for Liberty Global shareholders, allowing them to directly participate in the future performance of Sunrise with its strong capital structure, attractive equity story, future cash generation potential and scope for dividends. Under the leadership of its experienced management team, Sunrise is well-positioned to continue to deliver innovative solutions and superior connectivity to Swiss consumers and businesses.”
Trading Sunrise shares, in the form of Sunrise American Depository Shares (ADSs), will be distributed to Liberty Global shareholders by the ADS depository on November 12th. Sunrise Class A ADS will commence trading on the Nasdaq under the ticker symbol ‘SNRE’ on November 13th, and the Sunrise Class A common shares on the SIX Swiss Exchange under the ticker symbol ‘SUNN’ on November 15th.
Sunrise Class A shares are anticipated to be included in the Swiss Performance Index five trading days following November 15th.