Switzerland’s Federal Communications Commission (ComCom) has approved the acquisition of TDC’s Swiss mobile operator Sunrise by private equity firm CVC.
Approving the commercial transfer of Sunrise’s mobile radio licences, ComCom concluded that the Swiss…
Switzerland’s Federal Communications Commission (ComCom) has approved the acquisition of TDC’s Swiss mobile operator Sunrise by private equity firm CVC.
Approving the commercial transfer of Sunrise’s mobile radio licences, ComCom concluded that the Swiss company “will continue to meet the licensing requirements after an acquisition by CVC”.
The regulator’s statement added: “Sunrise continues to possess the necessary technical capabilities to provide its customers with high-quality mobile radio services. Moreover, competition in the mobile radio market will not be adversely affected by the planned acquisition of Sunrise by CVC”.
The go-ahead follows a similar announcement on October 15 from Switzerland’s competition commission.
CVC is seeking to secure a SFr2.545bn (E1.868bn) financing package to support its SFr3.3bn (E2.422bn) LBO of Sunrise.
Some 70% of the total deal’s value is being financed through debt, which is split between loans and bonds.
For the loans, BNP Paribas, Deutsche Bank and UBS are acting as global coordinators and MLAs, with Societe Generale and Unicredit as MLAs and joint bookrunners.
BNP Paribas and Deutsche Bank were global coordinators for the bond offering, while Societe Generale, UBS and Unicredit were joint bookrunners.
Now that regulatory approval has been granted, the buyout is expected to be completed early next year.
