Sunrise Communications to Pay $50.16M Termination Fee to Liberty Global After Agreement to Buy Liberty's Swiss Business Failed

Liberty Global plc ("Liberty Global" or the "Company") (NASDAQ: LBTYA) responded to the notification of termination received today from Sunrise Communications regarding the amended Share Purchase Agreement concerning UPC Switzerland.

Benzinga · 11/13/2019 09:21

Liberty Global plc ("Liberty Global" or the "Company") (NASDAQ: LBTYA) responded to the notification of termination received today from Sunrise Communications regarding the amended Share Purchase Agreement concerning UPC Switzerland. The agreement provides for Sunrise to pay a CHF 50 million termination fee after providing the notice.

Mike Fries, CEO of Liberty Global, said:

"While we would have preferred to keep the current SPA in place, we understand this move by Sunrise. The Sunrise board has been navigating a difficult situation. We look forward to continuing our conversations with either the board or Freenet about a potential transaction that creates significant value for both sets of shareholders and Swiss consumers. There is no question that UPC remains the fulcrum player in Switzerland's converging telecom market."