Friday, March 18, 2016

Sunrise receives German major shareholder – financial and economic

CVC Capital Partners rises from the Telecom provider. The new majority shareholder is from Germany. The share up premarket.

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(AWP / MEI) Sunrise ( SRCG 65.05 – 1.06% ) has a new majority shareholder. The British investment company CVC Capital Partners has sold its stake of 23.8% of the German Freenet AG. The telecommunications service provider paid around 782 million frs.

The share up premarket to 5%.

After more than five years and the IPO last year CVC Capital Partners therefore rises from the telecommunications group. The fact that the financial investor of Sunrise could avert, had already shown in the presentation of financial results in the past week, as CVC withdrew its directors.

Freenet will continue its CEO Christoph Vilanek and CFO Joachim Preisig in Sunrise -Verwaltungsrat dispatch, as evidenced by an announcement from late Thursday. Freenet claims to be the largest network-independent mobile service provider in Germany.

“Great Opportunity”

According to a separate communication Freenet assumes million Sunrise- around 10.72 shares at a price of 72.95 CHF per piece. The Sunrise stock closed on Thursday at the SIX Swiss Exchange with a closing price of 65.05 Fr. from trading. Freenet also secured an option for another 0.73% of the shares.

With the completion of the transaction will “expected shortly”, it said further. The acquisition of CVC shares referred Freenet as a “great opportunity”. the purchase is financed by Freenet information on a bank loan.

CVC was entered 2010 after the failed merger with rival Orange at Sunrise and brought the company in February a year ago to the stock exchange. In September 2010, CVC Sunrise had purchased and then paid 3.3 billion CHF by the Danish TDC group.

Recently announced Chef Exchange

announced only a week ago Sunrise a comprehensive renovation of the Group management to: CEO Libor Voncina is replaced by Olaf Swantee. The Dutchman with Swiss passport has been announced as a boss who should do with Sunrise after the IPO the next step.

In addition, the former UBS president Peter Kurer new Chairman at Sunrise to be. He follows the CVC partner Lorne Somerville, the interim president, after the unexpected death of Dominik Koechlin last summer.

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