Davis Polk Advises Comcast on Its £22.1 Billion Possible Cash Offer for Sky

Davis Polk is advising Comcast Corporation in connection with its £22.1 billion ($30.8 billion) possible cash offer to acquire the entire share capital of Sky plc. Under the terms of Comcast’s proposal, Sky shareholders would receive £12.50 in cash for each share. If made, the offer, that would be implemented as a tender offer with a 50% plus one share acceptance condition, would be subject to regulatory and antitrust approvals and other customary conditions.

Comcast Corporation is a global media and technology company with two primary businesses Comcast Cable and NBCUniversal. Comcast is headquartered in Philadelphia, Pennsylvania, and listed on NASDAQ. Sky is a consumer entertainment company in Europe, providing entertainment and communication services to consumers primarily in the United Kingdom, Germany and Italy. Sky is headquartered in London, United Kingdom, and listed on the London Stock Exchange.

The Davis Polk corporate team includes Managing Partner Thomas J. Reid and partners Will Pearce and Brian Wolfe. Partners Michael Kaplan and Reuven B. Young are providing securities law advice. Partners Jason Kyrwood and Nick Benham are advising on the debt financing of the transaction. Partners Neil Barr and Jonathan Cooklin are providing tax advice. Partner Arthur J. Burke and counsel Nicholas Spearing and Michael Sholem are providing regulatory and antitrust advice. Members of the Davis Polk team are based in the London and New York offices.