Ahead of the special meeting of shareholders, Sky revealed that advanced votes had given it the required 75% approval. In the final count just 0.04% of shareholder votes were cast against the merger, reports stuff.co.nz.
Approval for the merger is still required by New Zealand’s Commerce Commission and the Overseas Investment Office. If approved, it would see Britain's Vodafone take a 51% stake in the combined business.
The pay-TV industry is “at a crossroads”, Sky chairman Peter Macourt told shareholders, due to disruption to traditional broadcast services caused by over-the-top (OTT), Internet-delivered entertainment.
Sky would be able to deliver its services over “both fibre and mobile networks, and provide our customers with greater choice and a better entertainment experience,” following the merger with Vodafone NZ, he said.
The companies plan to continue to offer Sky’s pay-TV and Vodafone's telecommunications services separately.
The two companies have claimed the merger would result in NZ$850 million worth of synergies.
Source : rapidtvnews.com