Following an auction process ordered by the UK’s Takeover Panel, US-based telecoms giant Comcast has emerged as the highest bidder for UK pay-TV giant and broadband services provider Sky. In a press release issued over the weekend confirming the results of the auction, the Takeover Panel revealed that an offer of GBP17.28 (USD22.6) per Sky share from Comcast had beaten 21st Century Fox’s rival offer of GBP15.67 – implying a value of GBP30.6 billion for the fully diluted share capital of Sky. The end of the auction now brings to a close the long-running battle for the UK-based pay-TV provider. In the wake of the auction it was confirmed that Comcast’s cash offer had been formally announced, and unanimously recommended by the Sky Independent Committee, which has now urged shareholders to accept the deal.
Comcast Chairman and CEO Brian L Roberts said of the development: ‘This is a great day for Comcast. Sky is a wonderful company with a great platform, tremendous brand, and accomplished management team. This acquisition will allow us to quickly, efficiently and meaningfully increase our customer base and expand internationally. We couldn’t be more excited by the opportunities in front of us. We now encourage Sky shareholders to accept our offer, which we look forward to completing before the end of October 2018.’