Liberty Global announced its intention to spin-off 100% of Sunrise to Liberty Global shareholders. The listing of Sunrise on the SIX Swiss Exchange is planned for 2H24. Sunrise will be listed with a long dated, low-cost capital structure supported by up to CHF1.5B, or $1.7B, of debt reduction. The debt reduction is expected to be accomplished through Sunrise’s expected FCF generation, debt optimization and Liberty Global corporate liquidity including non-core asset disposals at Liberty Global. The proposed spin-off is expected to be tax-free for Liberty Global U.S. shareholders with evaluation of tax treatment in other jurisdictions ongoing and is subject to market conditions, board approval of the final terms of the spin-off, Liberty Global shareholder approval and other customary conditions. Following the Sunrise spin-off, Liberty Global will retain its consolidated interests in Telenet, Virgin Media Ireland, and its joint venture stakes in Virgin Media-O2 and VodafoneZiggo in addition to its Ventures portfolio and significant remaining cash balance.
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