15th Jun 2018 16:39
LONDON (Alliance News) - Comcast Corp on Friday said the European Commission has cleared unconditionally the acquisition of entire share capital of telecommunications company Sky PLC.
As a result, the American media giant said it has satisfied the pre-conditions in relation to its offer for Sky.
Back in April, Comcast pitched a USD22 billion offer for Sky. The company valued Sky's shares at 1,250.00 pence, up 16% from Twenty First Century Fox Inc's offer of 1,075.00p per share.
Shares in Sky closed down 1.0% on Friday at 1,337.00p each.
The acquisition of Sky will allow Comcast to combine the content production capacity and programming spend in order to be able to compete in a more competitive landscape, it said, as well as increase Comcast's presence in the UK and Continental Europe.
Comcast said it expects to complete the acquisition before the end of 2018.
"Comcast welcomes today's decision by the European Commission to clear the acquisition," said Comcast Chief Executive & Chairman Brian Roberts. "We now look forward to posting our offer document to give Sky shareholders the opportunity to accept our superior cash offer."
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