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General

Tele2 sells Swiss operations to Sunrise

Monday 29 September 2008 | 11:59 CET | News
Tele2 has agreed to sell its Swiss operation to TDC subsidiary and Swiss telecommunications operator Sunrise. Sunrise will pay CHF 50 million, including a cash payment and the assumption of a loan from Tele2 to the Swiss subsidiary. Completion is expected following approval from the relevant regulatory authorities. Sunrise will continue with the Tele2 brand and take over all 53 employees without restrictions. At the end of June of this year, Tele2 Switzerland had approximately 105,000 mobile customers, 305,000 fixed telephony customers and 81,000 fixed broadband customers. At the same date, Sunrise had 1.58 million mobile customers and a total customer base of 2.3 million. Tele2 already uses the Sunrise mobile network for its MVNO in Switzerland. Tele2 Switzerland generated first-half revenues of CHF 115.1 million and an EBITDA loss of CHF 2.6 million. Tele2 will take a goodwill impairment charge of approximately SEK 434 million in the third quarter for the decline in value at the Swiss activities. Sunrise said Tele2's decision to exit the Swiss market was due to the difficult regulatory environment, which favours incumbent Swisscom. The Swiss union for communication workers said it is happy that Sunrise takes its social responsibility by acquiring Tele2 Switzerland plus all its employees.


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Categories: General
Companies: TDC Mobil / Tele2
Countries: Switzerland
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