Liberty Global, the US powerhouse which made its name building a European pay TV empire, has completed the spin-off of Swiss telco Sunrise as a standalone and publicly-traded entity. For Sunrise, a life away from Liberty means the business will enjoy renewed control over capital expenditure and strategic decisions. That is likely to manifest in additional network upgrades in fiber and 5G connectivity, furthering the expansion of fixed-mobile convergence (FMC), as well as potential expansion into value-add digital services for enterprises, such as cybersecurity. While already a strong brand in Switzerland, we can expect Sunrise to explore partnerships, particularly in association with its TV business. Given that Sunrise is still ultimately owned by Liberty Global shareholders, it is possible that…