Sunrise Communications Group AG ("Sunrise") notes freenet AG’s (“freenet”) acquisition of the 23.8% shareholding (app. 10.7 million shares) in Sunrise from funds advised by CVC Capital Partners (“CVC”).
Freenet is the largest network-independent supplier of mobile communications in Germany. Christoph Vilanek, CEO of freenet, and Joachim Preisig, CFO of freenet, will be invited to join the Board of Directors of Sunrise.
“Sunrise welcomes freenet's interest in the Company. The two additional board members will further enhance the excellent TMT sector knowledge of our Board”, said Peter Schöpfer, Vice-Chairman and Chairman of the Nomination and Compensation Committee at Sunrise. “We thank CVC for its significant contribution to the development of Sunrise since its investment in 2010.”
“After more than 5 years of CVC funds ownership we hand over to a new major shareholder. Freenet is an industry insider with more than 12m mobile customers in Germany and leading edge retail capabilities", said Lorne Somerville, Partner and Global Head of TMT at CVC Capital Partners.