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Swiss competition authority OKs Sunrise plan to buy Liberty Global's UPC

Swiss competition authority OKs Sunrise plan to buy Liberty Global's UPC
FILE PHOTO: The logo of broadband and telecommunications provider UPC Schweiz is seen at its headquarters in Wallisellen, Switzerland February 6, 2019. REUTERS/Arnd Wiegmann -
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Arnd Wiegmann(Reuters)
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ZURICH (Reuters) – The Swiss anti-trust authority has approved Sunrise Communications’s <SRCG.S> plan to buy Liberty Global’s <LBTYA.O> Swiss UPC business, the Swiss telecommunications company said on Thursday.

“The Swiss Competition Commission (COMCO) hasdecided to raise no objections to the acquisition of UPC Switzerland by Sunrise, and has now approved the transaction,” Sunrise said in a statement. “The approval was granted without any conditions or stipulations being imposed.”

Sunrise — locked in a feud with its largest investor, Germany’s Freenet <FNTGn.DE>, which opposes the deal — plans an extraordinary shareholders meeting on Oct. 23 to vote on a capital increase needed to fund the 6.3 billion Swiss franc 6.3 billion Swiss franc (£5.14 billion) takeover.

(Reporting by John Miller; Editing by Michael Shields)

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