Ropes & Gray Advises on Liberty Global’s CHF 6.8 billion Proposed P2P Acquisition of Sunrise Communications
Ropes & Gray has advised Liberty Global - one of the world’s leading converged video, broadband and communications companies - on the financing arrangements for its proposed public to private acquisition of Swiss telecoms group Sunrise Communications Group pursuant to an offer which represents a total enterprise value of 6.8 billion Swiss francs*. The all-cash tender offer is being funded through a combination of Liberty Global’s existing cash, expected to be approximately CHF3.5 billion, and the proceeds from new debt issuance.
The deal will create the leading national converged challenger in Switzerland. The combined business will have CHF3.17 billion in revenue, 2.1 million mobile post-paid subscribers, 1.2 million broadband subscribers and 1.3 million TV subscribers, reflecting approximately 30% market share in each segment. It will be strongly positioned to continue its network roll-out including 5G and future technologies, supporting a range of new and enhanced products and services.
The Ropes & Gray team was led by finance partner Alex Robb. Other members of the team included finance associates Pinar Celebi, Jacob Bennett, and Alec Young. Finance partner Rob Haak also provided advice in connection with certain bond aspects of the transaction. All are based in the firm’s London office.
Ropes & Gray’s London finance team has closed over 30 transactions so far in 2020, representing both issuers and underwriters, raising over $18 billion in gross proceeds.
*As reported by Sunrise under International Financial Reporting Standards (“IFRS”). Based on net indebtedness as of March 31, 2020, including operating leases, of CHF1.8BN. Cash balance is adjusted for Sunrise dividend paid out in April 2020