News Corporation, two newly incorporated subsidiaries of funds advised by Permira Advisers, and NDS Group have announced that they have signed an agreement to take the technology developer private. News of the move came a couple of weeks ago, as reported in Broadband TV News. News Corporation and two Permira Newcos will acquire all issued and outstanding NDS Series A ordinary shares, including those represented by American Depositary Shares traded on NASDAQ, for the previously announced per share consideration of $63 in cash.
The consummation of the transaction will result in NDS ceasing to be a public company, and the Permira Newcos and News Corporation owning approximately 51% and 49% of NDS, respectively. Approximately 67% of the NDS Series B ordinary shares held by News Corporation would be cancelled in exchange for $63 per share in a mix of cash of approximately $1.52 billion and a $242 million vendor note. The transaction is expected to close by the end of the year or early 2009.
