SKY TV shareholders overwhelmingly approve Vodafone merger


All the votes are in and Sky TV shareholders have said yes in overwhelming numbers to the merger with Vodafone NZ.

Final results posted on to the New Zealand Stock Exchange show all three resolutions relating to the proposed merger with Vodafone were passed.

Each resolution was passed 99.6% for, 0.04% percent against.

Seventy five percent of shareholders needed to approve the deal, which will see a combined SKY and Vodafone group listed on the stock exchange with Vodafone Europe the majority owner of 51 percent.

"This is a great endorsement from our shareholders of this significant transaction, which SKY's Board believes provides an unprecedented opportunity to create an integrated telecommunications and media group that is truly innovative in the New Zealand market and that embraces the digital future," SKY Chairman Peter Macourt said.

Under the proposal, SKY will purchase Vodafone NZ from its parent company for $3.44 billion. It will be funded by payment of $1.25 billion in cash, as well as the issue of new SKY Shares at a price of $5.40 per share.

The proposed merger remains subject to regulatory approval from the Overseas Investment Office and the Commerce Commission.