NDS Group, a subsidiary of Rupert Murdoch's News Corp., said today that its shareholders voted in favor of taking the company private.
At a shareholder meeting today convened by the High Court of Justice in England and Wales, and at the subsequent Extraordinary General Meeting, the shareholders of NDS approved the arrangement, whereby all NDS A ordinary shares would be cancelled, and approximately 67 percent of the issued and outstanding NDS B ordinary shares that are held by News Corp. would be cancelled, in each case, for per-share consideration of $63 in cash.
Additional NDS B ordinary shares will then be issued to two newly incorporated subsidiaries of funds advised by Permira Advisers, or the “Newcos." If the proposed transaction goes through, News Corp. and the Newcos would own approximately 49 percent and 51 percent, respectively, of NDS.
The acquisition is slated to close in early February.
NDS also announced today that Israeli mobile operator Partner Communications, part of Hutchison Telecom International, has chosen NDS’ PC Show to deliver VOD content securely over the Internet for its newly launched content portal.
By using NDS PC Show, together with NDS Unified Headend, Partner Communications is able to provide Israeli consumers who register on the Web site with video content that can be viewed on their PCs. The distribution of the content over the Internet is being facilitated by the content distribution network provided by CastUp, which is an NDS Group company.
Partner Communications has almost 3 million mobile customers in Israel. Its VOD portal went live Dec. 16 and offers consumers an array of music, video, games and entertainment.
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