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New Zealand's Sky Network and Vodafone announce merger deal

Reuters - UK Focus

WELLINGTON, June 9 (Reuters) - Sky Network Ltd and Vodafone Group Plc (NasdaqGS: VOD - news) have announced a deal under which Sky (Amsterdam: BK8.AS - news) and Vodafone's New Zealand unit would merge.

Under terms of the deal Sky (LSE: BSY.L - news) would acquire all of the shares in Vodafone NZ for a total purchase price of NZ$3.437 billion through the issue of new Sky shares, giving Vodafone Europe B.V. a 51 percent interest in the combined group and cash consideration of NZ$1.25 billion, to be funded through new debt.

The new Sky shares will be issued at NZ$5.40 per share, representing a 21 percent premium to Sky's last close.

Vodafone NZ has over 2.35 million mobile connections and over 500,000 fixed-line connections in New Zealand. SKY is New (KOSDAQ: 160550.KQ - news) Zealand's leading pay TV provider with over 830,000 subscribers.

The deal must be approved by Sky shareholders. A meeting is expected to take place in early July. (Reporting by Rebecca Howard)