BSkyB to Own 87 Percent of Sky Deutschland After Takeover
The U.K. pay TV giant expects to close the deal for the German firm and Sky Italia in mid-November
U.K. pay TV giant BSkyB said on Thursday that it will own more than 87 percent of Germany's Sky Deutschland after it completes its takeover.
The company earlier this year agreed to acquire a stake of more than 57 percent in the German pay TV company from Rupert Murdoch's 21st Century Fox. Sky Deutschland minority shareholders had a chance to accept the buyout offer in an extended acceptance period that ended earlier this week.
"BSkyB has received acceptances representing 87.45 percent of the issued share capital of Sky Deutschland, including in respect of the 57.45 percent stake which BSkyB agreed to acquire from 21st Century Fox," BSkyB said on Thursday.
The settlement of the takeover offer is expected to occur on Nov. 12. BSkyB expects to close the Sky Deutschland deal and its takeover of Sky Italia, also from Fox, shortly thereafter.
At the end of July, BSkyB agreed to acquire the companies in Germany and Italy from Fox in a deal worth just over $9 billion to create a pan-European pay TV giant with around 20 million subscribers. Fox fully owns Sky Italia and holds a 39 percent stake in BSkyB.