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Liberty Global (NASDAQ:LBTYA) on Friday disclosed to its shareholders its intention to spin-off mobile network operator Sunrise and list it as a separate entity on the SIX Swiss Exchange with two classes of shares.
Liberty Global said it will invest up to CHF1.5 billion ($1.7 billion) for debt reduction in Sunrise.
The listing of Sunrise on the SIX Swiss Exchange is planned for 2H24.
The proposed spin-off is expected to be tax-free for Liberty Global U.S. shareholders.
Following the Sunrise spin-off, the company will retain its consolidated interests in Telenet, Virgin Media Ireland, and its joint venture stakes in Virgin Media-O2 and VodafoneZiggo, in addition to its Ventures portfolio and remaining cash balance.
Liberty Global said it has appointed J.P. Morgan and UBS as financial advisors for the proposed transaction.