British Sky Broadcasting Group Plc (BSYBY.PK,BSY.L) Friday announced agreement with Telefónica UK for the proposed acquisition of its O2 and BE consumer broadband and fixed-line telephony business.
The transaction allows Sky to build on its existing position as the UK's fastest-growing broadband and telephony business. The acquisition also delivers further advantages of scale for Sky's home communications business.
Under the terms of the agreement, Sky will pay a consideration of 180 million pounds for the consumer broadband, home phone and line rental customers served by the O2 and BE brands.
Sky will also pay additional contingent amount, not exceeding 20 million pounds, upon the successful delivery and completion of the customer migration process by Telefónica UK.
The acquisition will be funded from existing cash reserves and is expected to be accretive to earnings per share in the second full year of ownership.
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