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Report: Several Sunrise investors could vote against UPC Schweiz deal financing

Several Sunrise Communications Group AG's investors intend to oppose the Swiss operator's planned acquisition of UPC Schweiz from Liberty Global PLC, Reuters reported.

Sunrise Communications needs a simple majority vote to support a CHF2.8 billion equity issuance for the deal to push through. However, those holding at least 30% of the voting rights are expected to vote against it, according to Reuters.

The vote will take place Oct. 23 at an extraordinary meeting.

Freenet AG, which owns a 24.5% stake in Sunrise Communications, which rejected a heftier capital issuance in April, is anticipated to continue to oppose the transaction. Activist investor Active Ownership Capital Sàrl, together with two other top 10 investors, also expressed plans to oppose the transaction.

The current equity issuance amount to be voted upon is a decrease from an earlier planned CHF4.1 billion, a move that other investors welcomed.

The Swiss Competition Commission approved Sunrise Communications' proposed CHF6.3 billion transaction last month.