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Sky buys Vodafone NZ for NZD 3.4 bln
2016-06-09 08:48:00| Telecompaper Headlines
(Telecompaper) Sky and Vodafone NZ have agreed to merge their operations in New Zealand. Under the terms of the deal, Sky will acquire all of the shares in Vodafone NZ for NZD 3.437 million in cash and shares. The cash consideration for Vodafone will amount to NZD 1.25 billion, to be funded through new debt. Sky will also issue new shares, giving Vodafone a 51 percent interest in the combined group. The new Sky shares will be issued at NZD 5.40 per share. The new company will be led by Russell Stanners, currently CEO of Vodafone NZ. Sky chairman Peter Macourt will become chairman of the board. The board of Sky fully supports the proposed transaction and unanimously recommends shareholders to vote in favour.
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Category:Telecommunications