Simpson Thacher Represents TDC A/S on Sale of Swiss Business to CVC
09.20.10
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The Firm is representing TDC A/S, the Danish telecommunications company, on its agreement to sell its Swiss subsidiary, Sunrise Communications AG, to investment funds advised by CVC. Under the agreement, which was announced on September 17, 2010, the CVC funds will pay TDC an enterprise value of CHF3.3 billion, subject to certain adjustments. Sunrise is the largest privately held telecommunications provider in Switzerland, with more than 2.86 million customers in the areas of mobile telephony, fixed network and the Internet. The transaction is subject to conditions, including receipt of competition and regulatory approvals, and is expected to close during Q4 2010.
Simpson Thacher’s London-based team working on the transaction includes Mike Wolfson, Clare Gaskell and Bart Gombert (corporate) and Nick Shaw and Kate Sinclair (financing-related matters).