ValueTrust Acts as Independent Fairness Opinion Provider to Sunrise Communications Group AG

Munich, Germany (2 September 2020)

Valuation Research Group (VRG), a leading global provider of independent valuation, advisory, and value-related services is pleased to announce that VRG’s Germany-based member firm, ValueTrust acted as an independent fairness opinion provider to Sunrise Communications Group AG on the voluntary public takeover offer of UPC Schweiz GmbH.

On August 27, 2020, UPC Schweiz GmbH, a wholly-owned subsidiary of Liberty Global plc, launched a voluntary public takeover offer of CHF 110 per share for all publicly held shares of Sunrise Communications Group AG pursuant to art. 125 et seq of the Swiss Federal Act on Financial Market Infrastructure and Market Conduct in Securities and Derivatives Trading of June 19, 2015.

The offer values Sunrise’s equity at CHF 5.0 bn, the total transaction value amounts to CHF 6.8 bn. The offer is subject to, among others, a minimum acceptance rate of 66 2/3% of the fully diluted shares of Sunrise and regulatory approvals.

In this context, ValueTrust provided an independent public Fairness Opinion to the Board of Directors of Sunrise in accordance with the requirements of the Swiss Takeover Board (Übernahmekommission).

About Sunrise

The Sunrise Communications Group AG is the leading challenger on the Swiss telecommunications market. Sunrise is the largest non-state-controlled telecommunications company in Switzerland, offering mobile, Internet, TV, and landline services to private and business customers. Sunrise offers the biggest and fastest 5G mobile network in Switzerland (connect magazine 1/2020). Sunrise is the 5G pioneer and was the first provider to introduce 5G in the beginning of April 2019. In July 2020, Sunrise covered already more than 554 cities/towns, offering the largest 5G network (3.5 GHz) in Switzerland and Europe. In addition to this, Sunrise offers the best geographic 4G/LTE coverage across more than 96% of Switzerland to 99.98% of the population. 4G+ coverage is approximately 84.5% of the Swiss population, with speeds of up to 900 Mbit/s. On the fixed side, Sunrise reaches approximately 85% of households in Switzerland with its fully invested network. The company offers the most advanced fiber technologies – such as vectoring, FTTS, FTTB, and FTTH – thanks to its long-term agreement with Swisscom, SFN, and local utilities. Sunrise has around 1,739 employees (full-time equivalents) as well as more than 137 apprentices – the highest share of apprentices (8.9%) in a Swiss-wide company ranking. For more information, please visit

About Liberty

Liberty Global is one of the world’s leading converged video, broadband and communications companies, with operations in six European countries under the consumer brands Virgin Media, Telenet and UPC. Liberty Global invests in the infrastructure and digital platforms that empowers customers to make the most of the digital revolution. Liberty Global’s substantial scale and commitment to innovation enables it to develop market-leading products delivered through next-generation networks that connect 11 million customers subscribing to 25 million TV, broadband internet and telephony services. Liberty Global also serves 6 million mobile subscribers and offers WiFi service through millions of access points across its footprint. In addition, Liberty Global owns 50% of VodafoneZiggo, a joint venture in the Netherlands with 4 million customers subscribing to 10 million fixed-line and 5 million mobile services, as well as significant investments in ITV, All3Media, ITI Neovision, Lionsgate, the Formula E racing series and several regional sports networks. For more information, please visit

About VRG

Valuation Research Group (VRG) is a global valuation practice that furnishes expert and independent opinions of value for solvency, fairness, business enterprises, intangible assets, capital stock, equity interests, real estate and fixed assets. VRG has a network of over 1,300 professionals located in offices throughout continental Europe and the United Kingdom, Brazil, China, India, Mexico, Canada, Argentina, Australia, and the United States. The Germany-based practice operates as ValueTrust.