Sunrise LLC

Sunrise LLC

Sunrise LLC:- Owned by Liberty Global, Sunrise LLC (formerly Sunrise UPC GmbH, prior to that Sunrise Communications AG), doing business as Sunrise, is a Zurich-based Swiss telecommunications company. It offers internet, TV, landline, and mobile phone services. The Sunrise headquarters are situated in Thurgauerstrasse 101b, Glattpark Opfikon, as of February 2019. Up until 2015, Sunrise, a former TDC A/S subsidiary, was controlled by CVC Capital Partners. CVC completed an IPO on the SIX Swiss Exchange in February 2015. Sunrise’s shares have been listed on the Swiss Stock Exchange since that time. Liberty Global said in August 2020 that Sunrise will be acquired by it for a sum of $7.4 billion. November 11, 2020 marked the completion of the acquisition.

History

In 2001, Sunrise was formed by the amalgamation of diAx and the initial Sunrise Communications. Established in 1997, diAx began operations in December 1998. At that time, it held stakes in 40% of American SBC Communications, 50% of Swiss energy providers, and 10% of Federal RWE AG, a Swiss company. Sunrise was primarily owned by the Danish Tele Danmark (TDC A/S) and the BT Group, with minor partners including Migros and the Swiss Federal Railways. The two businesses sought to defer paying the UMTS licence payment in 2000.

There were just four applications filed for the four UMTS licences as a result of the merging of diAx and dawn. Following the merger, TDC Switzerland AG, under the new brand name Sunrise, became a wholly owned subsidiary of TDC A/S.

The parent company of Sunrise, TDC A/S, was bought by Nordic Telephone Company (NTC) at the end of January 2006 for 88.2% of its shares. The firm was renamed as Sunrise Communications AG on October 4, 2007, and the Sunrise brand was capitalised. The “Sunrise” label serves as a new logo, and the Frutiger font style is used to emphasise the company’s Swiss roots. Its new tagline is “Brave. Vital. Honest. Easy.” as well.

Sunrise announced on September 29, 2008, that it has acquired rival Tele2 Switzerland. At first, Tele2, with over 491,000 clients, was kept as a brand, and the staff were taken over. On November 1, 2011, the name “Tele2” was replaced with “Tele4U” due to the expiration of its licence.

Sunrise LLC

The desire to unite Orange Communications and Sunrise, their Swiss companies, was revealed by France Télécom and TDC in November 2009. TDC should own 25% of the new company’s shares, while France Télécom should own 75%. When combined, the new business would account for around 13% of the internet connection market and about 38% of the mobile communications industry. The merger was forbidden by the Competition Commission (WEKO) on April 22, 2010. This was caused by the combined company’s and Swisscom’s dominant market share in the mobile space. Furthermore, the network operator with the highest level of activity in the market would be eliminated.

The private equity company CVC Capital Partners, located in Luxembourg, and TDC A/S announced in September 2010 that they had come to an agreement to buy Sunrise through CVC for CHF3.3 billion. On October 28, 2010, the deal was carried out following clearance from Swiss competition and regulatory bodies.

Sunrise listed on the stock market in 2015. Since 2016, the primary stakeholder has been the German telecom company Freenet.

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Sunrise and Liberty Global reached an agreement in February 2019 to buy UPC Switzerland for CHF6.3 billion, subject to funding and Swiss Trade Commission clearance. Sunrise Communications announced on February 27, 2019, that it will be purchasing UPC Switzerland for CHF 6.3 billion (about EUR 5.5 billion) from the British media firm Liberty Global. Renegotiations were sought by Freenet, the principal stakeholder, shortly after the agreement was signed. The Competition Commission reviewed the acquisition proposal and gave it unqualified approval. The Competition Commission gave its permission in September 2019. The necessary capital increase needed to be approved by Sunrise shareholders.

The contract with Liberty Global, the owner of UPC, was dissolved and the extraordinary general meeting was called off after it became evident in October 2019 that the takeover agreement would not be approved by a majority of shareholder votes. Sunrise and Liberty Global terminated their share purchase agreement on November 12, 2019.

Sunrise LLC

It was discovered at the end of May 2020 that Sunrise had been partially successful in a broad lawsuit against Swisscom over the latter’s alleged abuse of its dominant position in the market for broadband Internet access (ADSL) between 2001 and 2007 and the subsequent pricing strategy. The Swiss Competition Commission verified this accusation in 2009, and Swisscom was fined around CHF 220 million as a result. Swisscom filed an appeal, but the appeals court upheld the ruling in a somewhat more lenient manner. Sunrise had requested damages in the amount of CHF 350 million, interest excluded.

Liberty Global said in August 2020 that Sunrise will be acquired by it for a sum of $7.4 billion. Liberty Global made many previous attempts to purchase Sunrise; the deal was finalised in November 2020.

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