Permira and News Corp. have completed their $3.6 billion take-private buyout of NDS, a UK-based company that had been listed on the Nasdaq. Permira now holds a 51% stake, while News Corp. holds the remaining 49 percent. NDS provides end-to-end digital technology and services to digital pay-television platform operators and content providers.
NDS Group Limited (“NDS”) (Nasdaq:NNDS), News Corporation and Permira Advisers LLP (“Permira”) are pleased to announce that the scheme of arrangement to effect the going private transaction of NDS has now become fully effective. The effectiveness of the scheme results in two subsidiaries of funds advised by Permira (the “Permira Newcos”) and News Corporation owning approximately 51% and 49% of NDS, respectively, in each case subject to dilution by shares to be subscribed for by members of management and shares to be issued as part of the option scheme to be established by NDS.
The last day for trading in ADSs was February 4, 2009. The per share consideration of $63.00 in cash is scheduled to be sent to NDS shareholders and holders of ADSs shortly.
The independent committee of the board of directors of NDS was advised by Citigroup Global Markets Limited and Weil, Gotshal & Manges LLP. NDS was advised by Morgan Stanley & Co. Limited and Allen & Overy LLP. News Corporation was advised by J.P. Morgan Securities Inc., Skadden, Arps, Slate, Meagher & Flom LLP and Hogan & Hartson LLP. The Permira Newcos and Permira were advised by Goldman Sachs International, Clifford Chance LLP and Fried, Frank, Harris, Shriver & Jacobson LLP.
NDS, a privately owned company whose controlling shareholders are News Corporation and the Permira Newcos, supplies open end-to-end digital technology and services to digital pay-television platform operators and content providers. See www.nds.com for more information about NDS.
About News Corporation
News Corporation (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV) had total assets as of September 30, 2008 of approximately US$61 billion and total annual revenues of approximately US$33 billion. News Corporation is a diversified global media company with operations in eight industry segments: filmed entertainment; television; cable network programming; direct broadcast satellite television; magazines and inserts; newspapers and information services; book publishing; and other. The activities of News Corporation are conducted principally in the United States, Continental Europe, the United Kingdom, Australia, Asia and Latin America.
Permira is a European private equity firm with an international reach. The funds, raised from pension funds and other institutions, make long-term investments in companies with the ambition of transforming their performance and driving sustainable growth.
The firm’s teams are based in Frankfurt, Guernsey, Hong Kong, London, Luxembourg, Madrid, Milan, New York, Paris, Menlo Park, Stockholm and Tokyo, advising funds with a total committed capital of approximately EUR20 billion (US$28 billion). Since 1985, the Permira Funds have completed over 190 private equity transactions.
For more information visit: www.permira.com