Paybox seeks more control of Oz market
Australian paybox Foxtel has made a bid for its regional partner Austar, which is valued at A$1.9 billion ($2 billion).
The deal would give Foxtel greater control of the feevee market Down Under.
Foxtel said it would also benefit subscribers by enabling a faster rollout of digital products and services, and quicker access to new digital subscription channels as well as packages and pricing for regional subscribers.
The companies have been courting for weeks, and a statement released to the market by Austar suggested there was no hostility.
“Austar intends to work with Foxtel to satisfy the conditions upon which the proposal has been made so the parties can enter into a definitive transaction,” the regional feevee operator said.
The deal must also be approved by the Australian Competition and Consumer Commission and the Foreign Investment Review Board.