CVC close to buying Swiss telco Sunrise

City A.M. Reporter
CVC Capital Partners, the UK buyout firm, is close to closing a deal with TDC, the private equity-backed Danish telephone company, to buy its Swiss unit Sunrise.

The deal will place an enterprise value on Sunrise of about Sfr3.3bn (£2bn), making it one of the year’s largest leveraged buyouts. A deal is likely to be announced today.

A sale would give CVC control of Switzerland’s second-biggest telecommunications company and clear the way for TDC’s owners to accelerate long-held plans to refloat the company.

TDC dropped a plan to sell Sunrise to France Telecom’s Orange earlier this year, after competition regulators in Switzerland blocked the merger of the two units.