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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Liberty Global plc    LBTYA   GB00B8W67662

LIBERTY GLOBAL PLC

(LBTYA)
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Switzerland's Sunrise, French-owned Salt link up in $3 billion broadband JV

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05/19/2020 | 03:18am EDT
FILE PHOTO: Internet LAN cables are pictured in this photo illustration taken in Sydney

By John Miller

Swiss telecoms operator Sunrise Communications Group and Iliad Salt unit on Tuesday pledged to invest up to 3 billion Swiss francs ($3.09 billion) in a broadband partnership aimed at reaching 1.5 million homes by 2027.

Sunrise, blocked by shareholders last year from buying Liberty Global's Swiss UPC unit, is again pursuing a outside help, this time through a joint venture, as it seeks to compete with state-owned Swisscom, Switzerland's largest telecommunications provider.

Chief Executive Andre Krause, the former CFO who survived the UPC deal's failure to become Sunrise's top manager, said this new project, called Swiss Open Fiber, would be a joint venture co-owned equally by Salt and Sunrise, as well as a prospective equity partner.

Swiss Open Fiber will work with Swiss Fibre Net, an existing joint venture of local energy providers in Switzerland, which is due to support the new partnership's set-up and operating activities, Sunrise said.

"While Salt and Sunrise will act as anchor tenants, the infrastructure network will be offered to all retail operators to enable them to provide their customers with ultrafast broadband connectivity services," Sunrise said in a statement, adding that talks had begun with potential equity partners and financing banks.

The joint venture will be headed by Marc Furrer, the former head of Switzerland's federal telecommunications regulator until 2016. Sunrise said similar ventures being put in place in European countries including Germany, France and Italy serve as models for this project.

($1 = 0.9717 Swiss francs)

(Reporting by John Miller; editing by Thomas Seythal and Louise Heavens)

Stocks mentioned in the article
ChangeLast1st jan.
AT HOME GROUP INC. -5.87% 5.61 Delayed Quote.8.36%
DEERE & COMPANY 2.98% 163.83 Delayed Quote.-8.18%
ILIAD 0.14% 176.2 Real-time Quote.52.27%
JUST GROUP PLC -1.18% 48.48 Delayed Quote.-37.90%
LIBERTY GLOBAL PLC -0.92% 22.69 Delayed Quote.0.70%
SUNRISE COMMUNICATIONS GROUP AG 0.00% 84.95 Delayed Quote.11.70%
SWISS RE LTD -0.05% 74.44 Delayed Quote.-31.48%
SWISSCOM AG 0.71% 495.7 Delayed Quote.-3.98%
THE GLOBAL LTD. 3.41% 212 End-of-day quote.-54.99%
WILL GROUP, INC. 2.10% 631 End-of-day quote.-49.60%
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Financials (USD)
Sales 2020 11 332 M - -
Net income 2020 -118 M - -
Net Debt 2020 19 521 M - -
P/E ratio 2020 -3 134x
Yield 2020 -
Capitalization 13 609 M 13 609 M -
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EV / Sales 2020 2,92x
Nbr of Employees 20 200
Free-Float 93,5%
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Michael Thomas Fries President, Chief Executive Officer & Director
John C. Malone Chairman
Charles Henry Rowland Bracken Chief Financial Officer & Executive Vice President
Enrique Rodríguez Chief Technology Officer & Executive VP
Paul Alan Gould Independent Director
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