Sunrise spin-off from Liberty Global is complete
Published: Saturday, Nov 9th 2024, 00:20
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The British-American cable company Liberty Global completed the spin-off of the Swiss telecommunications company Sunrise on Friday. This clears the way for the IPO of Sunrise scheduled for November 15.
The move comes two weeks after the transaction was approved by Liberty Global shareholders. With the legal completion of the "spin-off", Sunrise is once again an independent company, Sunrise CEO André Krause was quoted as saying in a Sunrise press release on Friday evening. In a few days, Sunrise will be listed on the Swiss stock exchange SIX as a "strong number two in the telecom market", according to Krause.
As already announced, Liberty Global shareholders will now receive Sunrise shares in the form of Sunrise American Depository Shares (ADS) on November 12. There will be Class A and Class B Sunrise shares, with the latter having ten times the voting power.
The Sunrise Class A ADSs will begin trading on Nasdaq on November 13 under the ticker symbol "SNRE" and the Sunrise Class A shares will begin trading on SIX on November 15 under the ticker symbol "SUNN". The Sunrise shares are expected to be included in the Swiss Performance Index within five days of the IPO.
Liberty shareholders can exchange their ADSs for Sunrise shares. One share of the Swiss telecoms company will be issued for each ADS. If the exchange takes place within three months, it is free of charge, according to the press release.
©Keystone/SDA
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