21st Century Fox Gets EU Approval For Proposed Acquisition Of Sky

(RTTNews) - Twenty-First Century Fox, Inc. (FOX, FOXA) said Friday that it received approval from the European Commission for proposed acquisition of Sky plc. (BSY.L, SKY.L).

21st Century Fox noted that It now looks forward to continuing to work with UK authorities and is confident that the proposed transaction will be approved following a thorough review process.

In December, 2016, Twenty-First Century Fox said that it reached agreement with Sky plc on the terms of a recommended pre-conditional cash offer by 21st Century Fox for the fully diluted share capital of Sky which 21st Century Fox and its affiliates did not already own. As per the terms of the Acquisition, Sky shareholders wpi;d be entitled to receive for each Sky share 10.75 pounds in cash. The Cash Consideration implied a value of about 11.7 billion pounds or $14.8 billion.