AG. Sunrise is Switzerland’s second-largest telecommunications provider, and as a result of the transaction it became 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 effected on November 8, 2024. Sunrise had an initial market capitalization of USD3.2bn.

This precedent-setting transaction involved a number of novel structuring and disclosure considerations related to Sunrise’s share structure, its multinational nature and dual listing, and underscores A&O Shearman’s position as a trusted advisor to global corporations on complex and important multinational 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.