Sky has confirmed it is to acquire the remaining 4% of the shares in Sky Deutschland that it does not already own through a compulsory “squeeze out” procedure and will take the German pay TV unit off the stock market.
Sky said that the required shareholder resolution is expected to be adopted by Sky Deutschland in due course. Remaining minority shareholders of that are subject to the squeeze out will receive cash compensation, which will be determined following a formal valuation of the company.
The delisting of Sky’s German unit has been expected since Sky’s holding passed the 95% threshold required in January.
The move marks the completion of Sky’s takeover of its German and Italian sister companies to create a single international Sky operating across all three countries. Sky initially acquired the 57% owned of Sky Deutschland owned by 21st Century Fox last year.