12.08.2020 - 00:00 Uhr

freenet AG undertakes to sell its 24.42% stake in Sunrise Communications Group AG as part of Liberty Global’s public tender offer

Büdelsdorf, 12 August 2020. freenet AG [ISIN DE000A0Z2ZZ5] ("freenet") has committed itself under an agreement concluded with Liberty Global plc ("Liberty Global") (Tender Untertaking), to accept a voluntary cash tender offer by Liberty Global or an affiliated company of Liberty Global (the "Bidder") to all shareholders of Sunrise Communications Group AG ("Sunrise") and to sell all Sunrise shares held by freenet to Liberty Global or the Bidder at a cash purchase price of CHF 110 per Sunrise share.

Liberty Global and Sunrise have entered into a transaction agreement regarding a voluntary cash tender offer for all Sunrise shares. On this basis, Liberty Global today announced the pre-announcement of this tender offer. The completion of the tender offer is subject to certain closing conditions, including regulatory approvals and a minimum acceptance rate. The Board of Directors of Sunrise has announced that it unanimously supports the tender offer and recommends Sunrise’s shareholders to accept the offer.

In the event of a successful completion of the tender offer, freenet would receive an amount of CHF 1.216 billion (approximately EUR 1.126 billion based on current exchange rates) for the sale of 11,05 million Sunrise shares. This would result in extraordinary income of more than EUR 300 million (net income). An amount of approximately EUR 800 million thereof would be used to repay existing debt (bank loans, promissory note loans). The Management Board of freenet AG will examine to what extent the remaining funds from the transaction will be invested in strengthening the competitive position or otherwise benefit the shareholders of freenet.

The potential sale of its Sunrise shares has no immediate impact on freenet's guided financial and non-financial performance indicators for the financial year2020.

If the tender offer is successful, the sale of the shares and payment of the purchase price can be expected to be completed within a few months from today's perspective.




Investor Relations

freenet Group

Tel.: +49 (0) 40 / 513 06 778

Mail: ir@freenet.ag


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