Foxtel has offered $1.93 billion for the company, and Austar said its board believed the higher price was appropriate. It will now work with Foxtel towards agreeing a scheme of arrangement to move ahead on the deal.

Allens advised Foxtel on the deal, and Freehills has advised Austar. Minter Ellison’s finance group advised the syndicate of banks on revolving and bridge facilities to the Foxtel Group.

Foxtel’s acquisition of 100 per cent of Austar creates one of Australia’s largest media businesses, with more than 2,500 employees. It’s anticipated to have a revenue of more than $2.8 billion and a combined annual investment in original Australia content of more than $500 million.

The acquisition, which completes today, follows a lengthy regulatory approval process, including by FIRB and the ACCC.

Minters partner John Mosley lead the firm’s finance team with partner Daniel Marks, and partner Ron Forster and partner Michael Barr-David in the corporate group.

"The deal was one of the few big ticket debt funded M&A transactions in the market for 2012,” said Mosley.

“It was refreshing to see that, for the right deal, it is still possible to muster strong support from the banks, particularly the domestic banks who are highly rated by world standards."

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Partner Jacqueline Downes, who led the Allens team on the competition aspects of the matter, said that Foxtel's proposed acquisition of Austar was an unusually long and complex one, because of the concerns raised by the ACCC and market participants.