NDS, the set-top box technology manufacturer controlled by News Corp., is going private. The deal was recently completed by News Corp. and private equity firm Permira Advisers LLP.
An independent committee of NDS Group approved the $63-per-share cash deal to buy the outstanding shares of the company’s assets. News Corp. owned 72 percent of the equity and held 96 percent of the voting power in NDS.
The transaction is expected to close by the end of the year or in early 2009. News Corp will then own 49 percent of the company. Funds controlled by Permira will own 51 percent.
“NDS needs to have the strategic agility and flexibility to enter into any type of value enhancing transactions,” said Abe Peled, chairman and CEO of NDS. “The current ownership structure was imposing certain limitations.”
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