ZURICH (Reuters) – Sunrise Communications Group and French billionaire Xavier Niel’s Salt Mobile launched a broadband joint venture on Tuesday targeting 1.5 million Swiss households, a new challenge to the country’s largest telecoms provider, Swisscom’s.
FILE PHOTO: Internet LAN cables are pictured in this photo illustration taken in Sydney June 23, 2011. REUTERS/Tim Wimborne/File Photo
The former rivals pledged to invest up to 3 billion Swiss francs ($3.1 billion) over the next 5-7 years in a “fiber to the home” platform focused on underserved areas.
According to Switzerland’s regulator, Swisscom had 51.3% broadband market share to close 2018, compared to 11.5% by Sunrise and 17.7% by Liberty Global’s UPC.
Sunrise Chief Executive Andre Krause said the joint venture, called Swiss Open Fiber, aimed to take on a large minority financial partner and talks with investors had begun.
It comes as movement restrictions to halt the spread of COVID-19 underscore the role of…
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