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Exclusive: CVC prepares sale of Swiss telco group Sunrise – sources


By Arno Schuetze and Oliver Hirt FRANKFURT/ZURICH (Reuters) – Private equity fund CVC is preparing to divest Sunrise, Switzerland’s second-biggest mobile operator, after failing to merge it with a peer in 2010, four people familiar with the matter said. CVC has been in discussions with banks over a possible role in a sale or listing of Sunrise, three of the sources said, although no banks have yet been mandated. Based on the core earnings multiple of 5.1 that its European peers are trading at, Sunrise’s equity and debt could be valued at about 3.2 billion Swiss francs ($3.6 billion). Three operators compete in the Swiss telecoms market, which offers higher profit margins than many other European countries, but smaller rivals to ex-monopolist Swisscom – Sunrise and Orange – have long struggled to gain critical mass.

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