Allen & Overy advises 21st Century Fox on $9.3bn sale of Sky Italia to BSkyB
Allen & Overy has advised 21st Century Fox on its sale of Sky Italia and its 57.4 per cent stake in Sky Deutschland to BSkyB for a total consideration of $9.3bn (£5.5bn) in cash and assets.
The sale includes approximately $8.6bn in cash and BSkyB’s 21 per cent stake in National Geographic Channels International, raising 21st Century Fox’s ownership stake to 73 per cent.
In addition, 21st Century Fox will participate in BSkyB’s announced equity offering by purchasing approximately $900m of additional shares in BSkyB to maintain the company’s 39.1 per cent ownership interest.
The deal will create a pan-European digital television leader through the combination of these assets. The agreement is subject to regulatory approvals and the approval of BSkyB shareholders.
The Allen & Overy team advising 21st Century Fox was led by London corporate partners Andrew Ballheimer and Simon Toms, with advice from Oliver Seiler and Hans Diekmann in Germany and Paolo Ghiglione in Italy (working with Duccio Regoli of Mazzoni e Associati). Antitrust advice was provided by Antonio Bavasso.
News from The Lawyer
Analysis from The Lawyer
At the time of its launch Accutrainee was described as a revolutionary change to the training model. Has it proved to be so? Not really.
Shearman & Sterling is making its presence felt in the City, squaring up to magic circle firms and looking to muscle in on key relationships. Private equity house Bridgepoint is one outfit that has had its head turned by the US firm.