Comcast has finally outbid 21st Century Fox in a long acquisition battle for British broadcaster Sky, after it raised its offer to £17.28 per share. The auction puts Sky’s value at $40 billion.
In late 2016, Sky and 21st Century Fox reached agreement on a takeover bid by the media giant. However, the deal was challenged by Comcast earlier this year with a $30 billion offer to buy the British telecom and media company, marking the start of a long acquisition battle with 21st Century Fox.
Now the takeover contest has come to an end, with Comcast emerging victorious after outbidding 21st Century Fox with a final offer of $40 billion for Sky. As part of the auction, Comcast announced that it will acquire the entire issued and to be issued share capital of Sky with an offer price of £17.28 (~$22.57) per share.
Regarding the company’s triumph in acquiring Sky, Comcast Chairman and CEO Brian L. Roberts said in a statement:
During the settlement auction held on Saturday, 21st Century Fox offered £15.67 (~$20.46) per Sky share, up from its original offer of £14 ($18.28) per share. The acquisition is expected to bolster Comcast’s presence in the international market as Sky commands 23 million subscribers in the UK, Ireland, Germany, Austria, and Italy.
Via: TechCrunch
