ZURICH, Sept 9 (Askume) – Liberty Global said on Monday it will spin off its Swiss telecoms operator Sunrise to shareholders in the fourth quarter of 2024.
Liberty Global, founded by US cable TV pioneer John Malone, had previously said it would spin off Sunrise on the SIX Swiss Exchange in the second half of this year.
Sunrise, which is set to be 100% spun off, provided financial details to analysts and investors at an event in Opfikon, a suburb of Zurich.
The company, which offers mobile, landline, broadband and TV services, reiterated its financial outlook and said it still expects revenue to remain broadly stable in 2024 and 2025, without giving figures.
Adjusted free cash flow is expected to be CHF 360 million to CHF 370 million ($424 million – $436 million) in 2024, increasing to CHF 370-390 million in 2025. Exceeded 410 million francs.
The company plans to pay a dividend of approximately CHF 240 million in 2024, and its future dividend policy will pay out up to 70% of adjusted free cash flow.
Sunrise, which was acquired by Liberty Global in 2020 for $7.4 billion, will succeed as an independent company, Chief Executive Andre Krause said.
He said in the statement: “I believe that as the only pure-play telecommunications company listed in Switzerland, this new company represents an attractive investment opportunity and its strong free cash flow position will support attractive shareholder returns. policy.
(1 USD = 0.8489 Swiss Francs)
