Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Freenet says it could support Sunrise/UPC Swiss tie-up

Published 02/04/2019, 12:01 PM
Updated 02/04/2019, 12:01 PM
© Reuters.  Freenet says it could support Sunrise/UPC Swiss tie-up

© Reuters. Freenet says it could support Sunrise/UPC Swiss tie-up

BERLIN (Reuters) - Freenet, the largest shareholder in Switzerland's Sunrise Communications, is aware from media reports of cooperation talks between Sunrise and Liberty Global's local Swiss business UPC and welcomes the idea of consolidation, a Freenet spokeswoman said.

She said in response to an inquiry on Monday that various combinations were possible and Freenet would need to approve any cash deal, although this was not excluded should it conclude that a transaction was in Freenet's interests.

Freenet owns 24.6 percent of Sunrise, long the center of speculation that it could link up with UPC, most recently in a report by the Financial Times.

Cable operator Liberty Global (NASDAQ:LBTYA) said in November it was investing to strengthen UPC's video offering so it could stand alone if a strategic partner was not found.

Liberty is looking to divest assets where it does not see a profitable way into mobile markets. It has sold its Austrian unit to Deutsche Telekom (DE:DTEGn), while the $21.8 billion sale of its operations in Germany and Central Europe to Vodafone (LON:VOD) is being reviewed by regulators.

Sunrise shares were down 0.7 percent by 1405 GMT, while Freenet stock was down 2.4 percent.

(This story corrects to add "from media reports" in paragraph 1 after spokeswoman corrects comment)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.