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Top firms act on giant TV deal

Top firms act on giant TV deal

Allens Arthur Robinson is advising subscription television provider FOXTEL on its proposal to acquire AUSTAR, advised by Freehills, at a price of $1.52 per share.If implemented, the deal would…

Allens Arthur Robinson is advising subscription television provider FOXTEL on its proposal to acquire AUSTAR, advised by Freehills, at a price of $1.52 per share.

If implemented, the deal would bring together two of Australia's major subscription TV service providers, creating one of Australia's largest media businesses with more than 2,500 full-time equivalent employees and anticipated revenues of more than $2.8 billion.

Under the proposed deal, announced on 26 May, FOXTEL would acquire 100 per cent of the shares in AUSTAR and the two businesses would merge.

The transaction - which remains indicative, non-binding and subject to a number of conditions - would be funded by a combination of FOXTEL bank debt and shareholder capital contributions.

Allens partners Kylie Brown and Jacqueline Downes led the Allens team on the transaction.

"We look forward to continuing our involvement as the parties move towards due diligence, the negotiation of definitive documents and engagement with the ACCC," said Brown.

Allen & Overy is advising Liberty. The A&O team is being led by Sydney corporate/M&A partner Michael Parshall with support from tax partner Andrew Stals, finance partner Chris Robertson, competition partner Dave Poddar and corporate partner Michael Reede. The team also includes associates Claire Galt, Ka Sen Wong and Leah Ranie.

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