European Pay TV Giant Sky Takes Full Ownership of German Business
"The full acquisition of Sky Deutschland is the latest step in creating an even stronger business for the future," says CEO Jeremy Darroch.
European pay TV giant Sky has completed the buyout of some remaining shareholders to gain full ownership of German arm Sky Deutschland.
The company, in which Rupert Murdoch's 21st Century Fox owns a 39 percent stake, said the move consolidates "its position as Europe's leading entertainment company."
Sky has completed the acquisition of the remaining approximately 4 percent minority shareholdings in Sky Deutschland for $7.56 (€6.68) per share. Sky Deutschland's stock will shortly stop being listed on the stock market.
Late last year, Sky struck a deal with Fox to acquire its Sky Italia business and its controlling stake in Sky Deutschland. It has since increased its stake in the German business and recently started a process to "squeeze out" the remaining shareholder.
"Sky is able to take full advantage of future growth opportunities across each of its five territories and share strengths and expertise from across the group to serve customers better, accelerate innovation and grow faster," the company said in announcing the completion of the process on Tuesday.
"The full acquisition of Sky Deutschland is the latest step in creating an even stronger business for the future," said Sky CEO Jeremy Darroch. "The opportunity ahead is substantial, and we have a strong platform on which to build and deliver benefits for customers and shareholders alike."