Liberty Global’s Swiss and Austrian unit UPC Central Europe has acquired full control of a municipal fibre optic network in the Geneva region.
The move follows the decision of the Onex municipal council to sell its shares in TéléOnex SA and means that UPC, which until now has held a 49% stake in the network, will become the sole shareholder.
The TéléOnex coaxial and fibre optic cable network allows users to receive high-speed internet across almost 95% of the municipality. The network has about 6,350 customers.
UPC said that the acquisition allows it to continue its policy of investment in French-speaking parts of the country, especially in the canton of Geneva.
“This transaction allows us to strengthen UPC’s presence in canton of Geneva, ensuring that we can continue to offer attractive products and develop new, future-oriented services,” said Eric Tveter, CEO of UPC Central Europe.
“By selling the cable network to UPC we have ensured that it remains in the hands of the professionals, who can develop it in the best conditions. Its future is thus guaranteed,” said François Mumenthaler, administrative councillor of the municipality of Onex.