A&O Shearman advises on USD3.6 billion Sunrise Communications spin-off and dual listing

Sunrise is Switzerland’s second-largest telecommunications provider, and as a result of the transaction a separately traded public company with shares listed on the SIX Swiss Exchange and American Depositary Shares listed on the Nasdaq. The spin-off was completed on November 8, 2024, with trading on Nasdaq beginning on November 13 and on the SIX Swiss Exchange on November 15.

This precedent-setting transaction required several novel structuring and disclosure considerations related to its multi-jurisdictional nature and dual listing, and underscores A&O Shearman’s position as a trusted advisor to global corporations on complex and important matters. A&O Shearman is proud to have partnered with Liberty Global in ensuring the smooth execution of the Sunrise spin-off over the course of nearly a year.

The A&O Shearman team that advised Liberty Global was led by Capital Markets partner Harald Halbhuber and U.S. M&A partner Daniel Litowitz with key support from M&A associate Theodora Volsky and Capital Markets associates Katya Bogdanov, Marina Mendes Correa and Nicholas Slagter.

The team included M&A partner Cody Wright and Capital Markets associate Margeaux Bergman, Compensation, Employment, Pensions & Governance partner Doreen Lilienfeld and Compensation, Employment, Pensions & Governance associates Eitan Morris and Caleb Sansoucy, Tax partners Jay Singer, Derek Kershaw and Simon Letherman and Tax associates Daniel Kachmar and Jose Rego and Eunjee Chae, Financial Services Regulatory partner Jennifer Morton and Financial Services Regulatory associate Taylor Pugliese, Antitrust partner Jonathan Cheng, M&A partners Maegen Morrison, Nick Withers and Sophie Roozendaal, M&A associate Justine Dreijer and Funds & Asset Management associate Kevin McDonnell.