Paul Hastings represented Salt Mobile on the creation of a special purpose vehicle, Swiss Open Fiber, along with Sunrise Communications, assisted by Lenz & Staehelin.
Swiss service providers Sunrise Communications AG and Salt Mobile SA say they have agreed to form a joint venture, Swiss Open Fiber, that will deploy open access fiber to the home (FTTH) networks in Switzerland. Swiss Open Fiber’s FTTH network will pass approximately 1.5 million homes in the next 5 to 7 years, thanks to an investment of CHF 3 billion ($3.1 billion), say the two companies.
Sunrise and Salt will own equal shares of the joint venture. Once that partner is brought aboard, the two service providers will retain equal minority shares. The FTTH deployments will begin in the fourth quarter of this year, they add. The parties also have reached an agreement with Swiss open access infrastructure operator Swiss Fibre Net to support set-up of the roll out and subsequent operating activities. Sunrise and Salt say they will be customers of the joint venture. The deployment will add an incremental 30-35% FTTH coverage in Switzerland, taking FTTH coverage in rural areas to 60-70% of households.
The Paul Hastings team was led by London corporate partner Garrett Hayes (Picture), with senior associate David Prowse and associates Sam Waite and Aimée Fabri.
Lenz & Staehelin is advising Sunrise in this transaction. The core team includes Hans-Jakob Diem and senior associate Simone Ehrsam.
Involved fees earner: Hans-Jakob Diem – Lenz & Staehelin; Simone Ehrsam – Lenz & Staehelin; Aimee Fabri – Paul Hastings; Garrett Hayes – Paul Hastings; David Prowse – Paul Hastings; Sam Waite – Paul Hastings;