Satellite television company DirecTV Inc. (DTV) announced Thursday that its shareholders have voted overwhelmingly to approve its proposed $48.5 billion acquisition by telecom giant AT&T, Inc. (T). The deal is expected to be completed in the first half of 2015.
El Segundo, California-based DirecTV noted that final voting results indicate more than 99 percent of votes cast were in favor of the adoption of the merger agreement, representing 77 percent of all outstanding shares.
However, the closure of the proposed deal still remains primarily subject to approvals from the U.S. Department of Justice and the U.S. Federal Communications Commission. It is also subject to approval by certain international regulatory bodies and expiration of waiting periods mandated by the Hart Scott Rodino Act.
AT&T agreed in mid-May to acquire DirecTV for $95.0 per share in a cash and stock deal valued at about $48.5 billion. AT&T has offered DirecTV shareholders $28.50 in cash and $66.50 in AT&T stock for every DirecTV share held by them.
The deal is valued at about $67.1 billion, including DirecTV's net debt. The deal, unanimously approved by the boards of both companies, was expected to close it in about 12 months.
Recent reports revealed that the deal is under the scanner of a group of state attorneys general over concerns of violating antitrust laws. Examination by the states is in addition to reviews by the Justice Department and the Federal Communications Commission.
State attorneys general are already working overtime with the U.S. Justice Department's antitrust division over Cable television giant Comcast Corp.'s (CMCSA) $45 billion acquisition of rival Time Warner Cable, Inc. (TWC).
In Thursday's regular trading session, DTV is currently trading at $86.61, down $0.20 or 0.23% on a volume of 0.69 million shares, and T is trading at $35.17, down $0.24 or 0.66% on a volume of 4.76 million shares.
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