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SKY and Vodafone to merge New Zealand operations

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ronaldo-madrid

Messages : 620
Date d'inscription : 28/12/2013

SKY and Vodafone to merge New Zealand operations

Message par ronaldo-madrid le Jeu 9 Juin - 8:34

SKY and Vodafone to merge New Zealand operations

   Editor
   | 09 June 2016





Reflecting what many believe is the growing swing away from satellite to online TV, SKY and Vodafone NZ have announced a plan to merge, creating a leading integrated telecommunications and media group in New Zealand.

Sky NZ 9 June 2016The two companies say that their combined entity will have the ability to offer New Zealand’s best entertainment content across all platforms and devices in a rapidly evolving media and telecommunications market. They add that the newly merged firm will provide an enhanced customer experience and greater choice of products and services, as well as ‘attractive’ offers of entertainment content, broadband and mobile to meet the growing consumer demand for packaged services

Vodafone will become a 51% shareholder in the combined group as a result of a consideration comprising an issue of new SKY shares and NZ$1250 million in cash which gives the total business an enterprise value of NZ$3,437 million.

The combined group says that it expects the merger to deliver cost, capital expenditure and revenue synergies with a net present value (NPV) of approximately NZ$850 million. It also predicts stronger cash flow generation and increased dividends.

The directors of SKY New Zealand have unanimously recommended its shareholders to vote in favour of the resolutions to implement the proposed transaction with Vodafone NZ.

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