Deals & Cases
Business combination of Sunrise and Orange in SwitzerlandOn November 25, 2009 TDC A/S, listed on NASDAQ OMX in Copenhagen, has entered into an agreement to combine its Swiss subsidiary Sunrise Communications AG with Orange Communications SA, a subsidiary of France Télécom S.A. As a result of a series of transactions, TDC will receive at closing a payment of EUR 1.5 billion and 25% of the shares of the combined entity which represent a net present value under the contemplated exit scenarios of EUR 1.2 billion. The transaction is subject to confirmatory due diligence and approvals by TDC's lenders as well as the Swiss Competition Commission and regulatory authorities. Signing of the final transaction documentation is expected to occur in the second half of February 2010 and closing in the second quarter of 2010. Lenz & Staehelin advises TDC in this transaction. The team includes Rudolf Tschäni, Hans-Jakob Diem, Tino Gaberthüel (Corporate) and Marcel Meinhardt and Judith Bischof (Competition, Regulatory).