Two former telecom rivals, Sunrise Communications Group and Salt Mobile, owned by French billionaire Xavier Niel, have joined forces to launch a broadband joint venture, according to Reuters.
The partners have pledged to invest up to $3.1 billion over the next five to seven years in the new fiber-to-home platform, which will service 1.5 million Swiss households and focus on underserved areas.
The new platform will be known as Swiss Open Fiber and will become a rival to Swisscom, Switzerland’s largest telecommunications provider.
The new company is already in talks with investors about taking on a large minority financial partner.
