LONDON (dpa-AFX) - British entertainment and communications provider British Sky Broadcasting Group Plc.(BSYBY.PK, BSY.L) said Monday that it would own at least 68.79% of Sky Deutschland (SKDTF.PK, SKDTY.PK) after a number of the German company's minority shareholders a accepted the terms of the British Sky Broadcasting's acquisition of the company.
Following the expiry of the initial acceptance period of the public takeover offer to the shareholders of Sky Deutschland on 15 October 2014 and the offer becoming unconditional, there will now be an additional acceptance period in accordance with German law. The remaining Sky Deutschland shareholders are therefore invited to tender their shares from 21 October until 3 November 2014, British Sky Broadcasting said.
In September, the European Union approved British entertainment and communications provider British Sky Broadcasting Group plc's proposed acquisition of pay-TV companies Sky Deutschland and Sky Italia S.r.l, noting that the deal would not raise competition concerns.
In late July, British Sky Broadcasting, known as BskyB, said it agreed to acquire 21st Century Fox's (FOXA, FOX) 100 percent stake in Italian pay-TV provider Sky Italia and its 57.4 percent interest in German pay-TV company Sky Deutschland in a deal valued at nearly $9.3 billion.
21st Century Fox said at that time that it would receive nearly $9.3 billion in combined value from BskyB. This includes about $8.6 billion cash and BSkyB's 21 percent interest in National Geographic Channels International, raising 21st Century Fox's stake to 73 percent. Upon completion of the transaction, the net cash proceeds to be received by 21st Century Fox would total about $7.2 billion.
Copyright RTT News/dpa-AFX