Offeror(s): Vodafone New Zealand Limited

Independent Adviser(s): Grant Samuel (Rule 18)

Company Meeting Date: 06/07/2016

Paid television provider Sky Network Television Limited (“Sky”) proposed to merge with broadband and telecommunications provider Vodafone New Zealand Limited (“Vodafone NZ”).

Under the proposal, Sky was to purchase Vodafone NZ from its parent company Vodafone Europe B.V. (“Vodafone”) for $3.44 billion, which was to be funded by a payment of $1.25 billion in cash and the issue of new Sky shares at a price of $5.40 per share. Sky borrowed $1.8 billion from Vodafone to fund the purchase, in exchange for Vodafone becoming a 51 percent majority shareholder in Sky.

On 17 February 2016 the Panel approved Grant Samuel to prepare an independent adviser’s report on the merits of the proposed merger.

The merger was approved by shareholders at a meeting on 6 July 2016.

 

We have not received consent to publish the transaction documents in relation to this transaction on our website. However, copies of these documents are available upon request to the Panel under the Official Information Act 1982. Please send your written Official Information requests to takeovers.panel@takeovers.govt.nz

Key Documents

Independent Adviser Report(s):