Further to the announcements of September 17 2010 and October 14 CVC Capital Partners ("CVC") today announce the successful completion of the CHF3.3 billion acquisition of Sunrise Communications AG ("Sunrise") from TDC. This follows clearance of the transaction from the Swiss Competition Commission ("ComCo"), the Federal Office of Communications (‘BAKOM’) and the Federal Communications Commission ComCom ("ComCom") in Switzerland this week.
The combined force of Sunrise and CVC will allow Sunrise to continue to prosper under the security of an owner that has a track record of long-term investment in its porfolio companies. CVC is fully supportive of Sunrise’s management and strategy and has a clear investment plan for the coming years that will ensure that Sunrise’s customers have access to a top quality network. The agreement allows the continuation of the successful strategy of the largest privately owned telecommunication company in Switzerland that brings a real beneficial alternative to all Swiss consumers and businesses.
Oliver Steil, Sunrise CEO, commented on the closing of the deal: "With this deal CVC shows its commitment to a predefined business and investment-plan that includes substantial investments in Swiss ICT-Infrastructure in the next five years. I am looking forward to working with CVC."
Henrik Poulsen, TDC CEO said: "We are happy to see that the past investments TDC made in the Swiss market are acknowledged. The successful completion of the deal is an important step in our strategy to concentrate on the Nordic market going forward."
Lorne Somerville, Partner at CVC, added: "We are pleased to have completed this transaction. Sunrise is a fantastic company with a strong brand and a world class network. CVC brings a track record of developing its companies over the long-term and a commitment to continue investing to ensure that Sunrise becomes even better in the future."