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Swiss watchdog approves Sunrise's acquisition of UPC Schweiz

The Swiss Competition Commission approved Sunrise Communications Group AG's proposed CHF6.3 billion acquisition of Liberty Global PLC unit UPC Schweiz, following an in-depth probe.

Sunrise CEO Olaf Swantee welcomed the regulator's decision, saying the resulting combined entity following the deal would gain a higher market share due to improved telecom infrastructure and services.

Sunrise will now have to secure shareholder approval in an Oct. 23 special meeting regarding its planned capital increase to fund the acquisition. The company's biggest shareholder, German telecom group freenet AG, earlier said it would vote against the proposal due to the deal's "highly unbalanced and unfavorable" terms.

The deal is expected to be completed by end-November.