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NDS gets European approval for its privatization

Mon, 12/22/2008 - 8:27am
The Associated Press

NEW YORK (AP) – NDS Group PLC, a subsidiary of Rupert Murdoch's News Corp., said Monday that it received European Commission approval to be taken private by its parent company and a private equity firm.

NDS shareholders are set to vote on the deal on Jan. 13, 2009.

In August, NDS accepted a cash bid of $63 per share from News Corp. and funds advised by Permira Advisers LLP.

At the time News Corp. had owned a roughly 72 percent stake in NDS, which makes technology for pay TV services. When the transaction is completed, News Corp. will have a 49 percent interest in NDS and the Permira funds will have an interest of 51 percent.

The acquisition is targeted to close in early February.

U.S.-listed shares of NDS Group added 89 cents to $49.25 in morning trading. Shares of News Corp. shed 12 cents to $9.07.

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