Liberty Global Mulls To Spin-Off 100% Of Sunrise To Shareholders; Stock Drops

(RTTNews) - Telecommunications service provider, Liberty Global Ltd. (LBTYA), Friday announced its intention to spin off 100 percent of Sunrise to the company's shareholders.

The move is expected to broaden the shareholder base, promote long-term value creation, and enhance the subsidiary's business as a locally listed FMC challenger, the company stated.

Liberty Global said that Sunrise will be listed on the SIX Swiss Exchange during the second half of 2024 with a low-capital structure backed by up to CHF 1.5 billion of debt reduction.

On the completion of the proposed spin-off, Liberty Global will retain its consolidated interests in Telenet, Virgin Media Ireland, and its joint venture shares in Virgin Media-O2 and VodafoneZiggo along with its Ventures portfolio and surplus cash balance.

Currently, Liberty Global's shares are trading at $18.34, down 4.86 percent on the Nasdaq.