Investors in DirecTV have voted overwhelming in favour of the US DTH provider’s US$48.5bn sale to incumbent telecoms operator AT&T.
More than 99% of votes cast at a specially-arranged meeting today were in favour of AT&T’s US$95 per share offer,…
Investors in DirecTV have voted overwhelming in favour of the US DTH provider’s US$48.5bn sale to incumbent telecoms operator AT&T.
More than 99% of votes cast at a specially-arranged meeting today were in favour of AT&T’s US$95 per share offer, which comprises US$28.50 in cash and US$66.50 in stock.
The deal is still in the Hart Scott Rodino Act waiting period, during which time the US Department of Justice can choose to review the transaction and take action.
The tie-up also needs the blessing of the Federal Communications Commission (FCC).
AT&T and DirecTV have said they expect to consummate the deal in the first half of 2015.
Last week Microsoft threw its weight behind the deal, calling for it to be approved to further the “deployment of critical broadband infrastructure”.
AT&T has promised a number of broadband commitments to help push through its acquisition, such as rolling out an enhanced fibre-to-the-premises service to an additional two million locations.
Microsoft’s comments came as more than 90 former AT&T business partners, collectively the Minority Cellular Partners Coalition, said the regulator should block the deal over the telco’s alleged anti-competitive behaviour and fiduciary duty violations, or at least conduct an evidentiary hearing over its claims.
In spite of being a sizeable deal, AT&T and DirecTV’s merger has somewhat flown under the regulatory radar in the US due to cable giant Comcast’s acquisition of Time Warner Cable – agreed at a similar time – which has proved to be more contentious.
