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CVC close to buying Swiss telco Sunrise
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.