Sunrise Communications, a Swiss telecommunications provider based in Zurich, offered to acquire the Swiss unit of Liberty Global, a multinational telecommunications company, for approximately CHF6.3bn ($6.3bn). Valuation implied 10x multiple of the Operating Cash Flow. The offer was lapsed in Oct. 2019. “Today’s announcement further validates our strategy of building or enabling national champions in our core European markets. After 13 years of investment, innovation and growth, UPC Switzerland will combine with Sunrise to form a strong challenger in the Swiss market. This is a great moment for the Swiss consumer as network quality, product innovation and customer experience is at the heart of both companies. We are extremely proud of what we have achieved in this market, and are thrilled for our shareholders who will benefit from yet another example of value creation. After an investment of $1.6bn in 2005, we will have realized at closing $6.5bn of dividends and equity proceeds, or nearly four times our capital in this market,” Mike Fries, Liberty Global Chief Executive Officer.