Sunrise buys Liberty Global's Swiss business in $6.29 billion deal

- Sunrise Communications Group AG has agreed to buy Liberty Global PLC’s Swiss business UPC Switzerland in a 6.3 billion Swiss francs deal, the mobile phone and internet services company said on Wednesday.

The purchase strengthens Sunrise’s position as Switzerland’s second largest telecoms company, and is another European sale by Liberty Global which divested its Austrian business to T-Mobile Austria last year. Analysts have said a tie-up makes sense, given that Sunrise and UPC’s fixed and mobile services would make the combined entity a stronger rival to the dominance of state-controlled Swisscom.

Liberty Global, set up by U.S. cable pioneer John Malone, has been selling off its assets in the last year. The U.S. listed company is also awaiting European Union approval for its sale of its assets in Germany and eastern Europe to Vodafone for $21.8 billion.

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