Swiss mobile operator Sunrise is weighing up whether to launch an initial public offering and could make an announcement as early as this week, according to a local report from Finanz und Wirtschaft which cited several sources.
Sunrise’s owner, CVC…
Swiss mobile operator Sunrise is weighing up whether to launch an initial public offering and could make an announcement as early as this week, according to a local report from Finanz und Wirtschaft which cited several sources.
Sunrise’s owner, CVC Capital Partners, is yet to green-light the process, the report said. As TelecomFinance previously reported, the private equity firm has been evaluating its exit options for some time.
UBS and Deutsche Bank are reported to be preparing an offering, and Goldman Sachs and another bank are also rumoured to be on board at a subordinate level.
Under the plan, CVC would remain as a key shareholder in the operator, the report said.
Sunrise said it did not comment on rumour and speculation.
CVC was looking at a listing towards the end of last year but the plan was reportedly put on ice after French telecoms investor Xavier Niel struck a deal to buy Sunrise’s key rival, Orange Switzerland.
Sunrise has been continually linked to a merger with Orange, which would take the country’s mobile market down from three operators to two. A previous attempt to combine the operators was rejected by the local antitrust authority in 2010.
Following that decision, CVC bought Sunrise from Danish telco TDC later in 2010 for US$3.2bn.
In its most recent results, Sunrise reported US$1.5bn in revenue for the first three quarters of 2014 and EBITDA of US$464m.
Sunrise is the second-largest mobile operator in Switzerland and is headquartered in Zurich. It also offers fixed-line telephone, broadband and digital TV services.
