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Mergers and Acquistions News

Categories: Telecoms

September 17th 2010, 17:14PM

CVC Capital Partners, a private equity firm, has acquired TDC's Sunrise Communications, a Swiss phone provider, for 3.3 billion Swiss francs (£2.07 billion).

The deal would allow CVC to continue its reach into the telecoms market while Sunrise will mount its challenger strategy on the Swiss market.

TDC has invested more than 2 billion Swiss francs (£1.2 billion) in Switzerland's mobile phone and fixed infrastructure throughout its ten year holding of Sunrise.

Oliver Steil, chief executive officer of Sunrise, said: "We are very excited about this agreement. For Sunrise the course of our future has been set today. With CVC we have the backing of a strong and long-term oriented financial partner which supports our plan to drive investment in both our network and our customer service."

After the usual approval from competition and regulators the acquisition is expected to complete in the fourth quarter of this year.

TDC previously tried to merge Sunrise with Orange, owned by France Telecom, but this was blocked by regulators.
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