6th Jul 2016 06:01
LONDON (Alliance News) - Shareholders in New Zealand-based pay-television operator Sky Network Television Ltd on Wednesday voted in favour of the company's proposed merger with the New Zealand arm of telecommunications giant Vodafone Group PLC.
The pair entered into an agreement to merge in June, under which Sky Network will buy all the shares in Vodafone New Zealand for a total NZD3.44 billion, around GBP1.69 billion at current exchange rates, and Sky Network will issue new shares to Vodafone Europe BV, giving Vodafone a 51% stake in the resulting business.
Sky Network said 99.96% of its shareholders voted in favour of the deal.
Sky Network is a pay television provider in New Zealand, established in 1987 and with over 830,000 subscribers. It has no connection to London-listed Sky PLC. Sky-founder Rupert Murdoch's News Corp did hold a 44% stake in Sky Network for a time, but this was sold in 2013.
Vodafone New Zealand has been operating in the country since 1998 and had over 2.35 million mobile and 500,000 fixed line connections as at the end of March 2016.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
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