Bye bye Sky - Comcast's £30bn acquisition of the satellite broadcaster looks set to close early

Comcast said it expects its £30bn acquisition of Sky (LON:SKY) to complete on October 9, ending one of the most protracted takeover sagas on recent history.

Last week the American media giant agreed to buy a 39% stake in the satellite broadcaster from under-bidder 21^st Century Fox.

READ: Comcast drops 21st Century Fox bid to refocus on the pursuit of UK pay-TV firm Sky

It means Comcast, which last week increased its debt to around £21bn to help fund the deal, will hold or have acceptances totalling 75% of Sky’s share capital.

It said previously that it expected the transaction to be concluded by the end of the month.

Comcast’s offer of £17.28 a share was £1.61 ahead of Fox’s £15.67. In a dramatic end to what was effectively a 21-month, three round process overseen by the Takeover Panel, the two companies were made to submit sealed bids.

Fox, meanwhile, is being gobbled up by Disney for £55bn, and reports suggest this deal could be done and dusted by the year-end – slightly earlier than expected.

Story by ProactiveInvestors