Comcast Bidco acquires 29.1% shares of Sky

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Comcast Bidco acquires 29.1% shares of Sky

A couple of days after outbidding Fox in its attempt to acquire Sky, Comcast has now acquired 29.1% shares of the company. The announcement was made on Tuesday by the London Stock Exchange through a statement. The shares were acquired by Comcast Bidco, a subsidiary holding of Comcast Corp.

The statement mentioned, "As a result of its purchases, Comcast Bidco owns a total of 499,571,959 Sky Shares, representing approximately 29.1 per cent. of the ordinary share capital of Sky." In addition to this acquisition, Comcast will now be buying further shares at the price it had quoted during the auction process held on Sunday, 23rd September.

The price quoted at that time was $22 per share. The amount quoted was higher than Fox's quotation of $20. Fox, however, has a 39% stake in Sky and had wanted to add to its existing stake. After Comcast outbidding Fox, it had been expected that it would be buying out Fox's share as well in trying to gain full control of the company.

In totality, Comcast had outbid Fox by around $3.6 million with their takeover value of Sky being pegged at around $39 billion. Meanwhile, Disney is soon to acquire Fox for about $71 million. The auction process was carried out as a three-round process.