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Swiss regulator to probe Sunrise's acquisition of Liberty Global unit

The Swiss Competition Commission has launched an in-depth review of Sunrise Communications Group AG's planned CHF 6.3 billion acquisition of Liberty Global PLC unit UPC Schweiz.

Sunrise said June 3 that it expected the probe, adding that it expects the deal to be approved as it will help beef up competition in Switzerland's telecom market. The company expects a regulatory decision by the beginning of October and targets to complete the deal in the fourth quarter.

Liberty Global agreed to sell its Swiss operation to Sunrise in February. The cable giant intends to use the net proceeds from the sale for general corporate purposes.

Sunrise's top shareholder freenet AG recently rejected the Swiss telco's planned fresh capital issuance until 2021, which was supposed to help finance the purchase of UPC Schweiz.