Liberty Global (Nasdaq: LBTYA, LBTYB and LBTYK) has announced that, pursuant to the terms of a transaction agreement between Liberty Global and Sunrise Communications Group AG (SIX Swiss Exchange: SRCG), Liberty Global has agreed to make an all cash public tender offer for all publicly held shares of Sunrise at a price of CHF110 per share, the company said.
The offer represents a 32% premium to the 60-day volume weighted average price (“VWAP”) per share of CHF83.17 during the period up to (and including) August 11, 2020 and values 100% of Sunrise´s equity at CHF5.0 billion1, representing a total enterprise value of CHF6.8 billion2.
Under the terms of a transaction agreement between Liberty Global and Sunrise, Liberty Global has published a pre-announcement for an all cash public tender offer for all publicly held shares of Sunrise at a price of CHF110 per share.
Liberty Global plans to fund the transaction through a combination of approximately CHF3.5 billion of cash from its balance sheet and approximately CHF3.2 billion of financing, of which CHF1.6 billion will be available to refinance existing indebtedness of Sunrise as needed. Upon becoming a wholly owned subsidiary of Liberty Global, Sunrise will become part of the UPC credit pool. Targeted leverage for this pool will be 5.0x, pro forma for this transaction, including vendor financing and leases.
Liberty Global is a converged video, broadband and communications companies, with operations in six European countries under the consumer brands Virgin Media, Telenet and UPC. For more information, visit www.libertyglobal.com.