NDS Group PLC, a subsidiary of Rupert Murdoch's News Corp., said yesterday that it had received European Commission approval to be taken private by its parent company and a private equity firm.
NDS shareholders are set to vote on the deal on Jan. 13, 2009.
In August, NDS accepted a cash bid of $63 per share from News Corp. and funds advised by Permira Advisers LLP.
At the time News Corp., owned a roughly 72% stake in NDS, which makes technology for pay TV services. When the transaction is completed, News Corp. will have a 49% interest in NDS and the Permira funds will have an interest of 51%. The acquisition is targeted to close in early February.
NDS has more than 1,000 employees in Israel, mostly at its R&D and support center at Har Hotzvim in northern Jerusalem, although 100 employees were laid off several weeks ago in the wake of the global economic crisis.
Nasdaq listed shares of NDS Group added $1.77 to $50.13 in trading yesterday.
Published by Globes [online], Israel business news - www.globes-online.com - on December 23, 2008
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