Liberty Global has completed the spin-off of its Swiss business, Sunrise.
In a statement on Friday (November 8), Liberty Global confirmed that Sunrise has been spun off into a separate publicly traded company.
Approval for the transaction was finalized during a special meeting of Liberty Global shareholders on October 25, 2024, noted the company.
Liberty Global previously said in June that the spin-off was on course to be completed by the end of the year.
Liberty Global said that it will continue to own and operate its Liberty Telecom businesses in Belgium, Ireland, Slovakia, the UK, and the Netherlands. The company notably owns 50 percent of Virgin Media O2, as part of a joint venture with Telefónica.
“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," said Mike Fries, CEO, Liberty Global, and incoming chairman of Sunrise.
"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."
Sunrise, which is the second-largest telco in Switzerland, was taken off the stock market by Liberty Global back in 2020 when it was acquired by the company.
Liberty Global confirmed that Sunrise shares, in the form of Sunrise American Depository Shares (ADSs), will be distributed to Liberty Global shareholders by the ADS depository on November 12, 2024.
