Investment funds advised by CVC Capital Partners are to acquire TDC’s Swiss subsidiary Sunrise Communications.
The transaction values Sunrise, a privately held telecommunications provider, at an enterprise value of CHF3.3bn.
TDC, a provider of communications solutions in Denmark, held Sunrise for nearly ten years.
The completion of this transaction is expected to occur in the fourth quarter of 2010, once approvals have been obtained from the Swiss competition and relevant regulatory authorities.
Henrik Poulsen (pictured), TDC chief executive, says: “"Sunrise has gone through a very positive development in recent years. This is reflected in the deal we have signed. We have been pleased with our engagement in Sunrise and a divestment is a natural next step in our wish to focus TDC as a Nordic communications company. I am glad we have found a strong future owner to ensure that Sunrise will continue the positive development."
Lorne Somerville, partner at CVC, adds: “Sunrise is a strong operator in one of Europe’s most advanced telecoms markets. We are delighted to add such a high-quality business to our portfolio of European investments, and are fully supportive of the Company’s strategy, investment plan and strong management team, led by Oliver Steil. We look forward to the next phase of growth for Sunrise, which will deliver best value to its customers, partners and employees."