UK pay-television broadcaster Sky has assumed full control of Sky Deutschland, which operates in Germany and Austria, after completing the acquisition of its remaining shares today (Tuesday).
Sky sealed the acquisition of the remaining minority shareholdings of approximately four per cent in Sky Deutschland earlier today, with the cash compensation for the minority shareholdings set at €6.68 ($7.48) per share, in accordance with the requirements of the German Stock Corporation Act. Sky Deutschland will shortly be delisted from the Frankfurt Stock Exchange.
With 100-per-cent ownership of Sky Deutschland, which has rights to a variety of major sports properties in Germany and Austria, Sky said it would be able to take “full advantage” of future growth opportunities across each of its five territories. Sky added that the potential for growth is significant as 65 million households are yet to take pay-television in these five markets.
Jeremy Darroch, Sky’s group chief executive, said: “The full acquisition of Sky Deutschland is the latest step in creating an even stronger business for the future. The opportunity ahead is substantial and we have a strong platform on which to build and deliver benefits for customers and shareholders alike.”
Today’s development comes after Sky Deutschland’s shareholders in July approved the request by majority shareholder Sky German Holdings to transfer the shares of minority stakeholders and remove the company from the stock exchange.
In February, Sky revealed plans to initiate the necessary steps for the transfer of the remaining minority shareholdings in Sky Deutschland to take full ownership of the broadcaster. Sky German Holdings previously held 96.05 per cent of Sky Deutschland’s shares, with 3.95 per cent in a free float on the stock exchange.
In November, BSkyB announced that it would be renamed Sky after completing a takeover of Sky Italia in Italy and acquiring a majority stake in Sky Deutschland. The deal brought together leading sports broadcasters in three of Europe’s four largest pay-television markets.