BSkyB Sells Easynet Global Services For GBP100M

21st Jul 2010 16:21

LONDON (Dow Jones)--British Sky Broadcasting Group PLC (BSY.LN), a pay television provider, announced Wednesday it has reached an agreement over the proposed sale of its business-to-business telecommunications operation, Easynet Global Services, to LDC, a U.K. private equity company for GBP100 million. MAIN FACTS: -LDC will pay Sky GBP100 million for the business on completion of the transaction, subject to regulatory approval and a works council consultation in respect of certain Easynet employees. -LDC, which is fully funded by the Lloyds Banking Group (LLOY.LN), is backing current Easynet CEO David Rowe and his management team. -Under the proposal, Sky will retain the U.K. network assets that it acquired as part of the original acquisition of Easynet Group in 2005. -As part of the proposed sale, Sky and LDC will enter into a long-term supply agreement to grant Easynet Global Services continued access to Sky's fiber network, which continues to support the fast-growing Sky Broadband and Sky Talk services. -Easynet will also continue to be a key supplier to Sky. -Shares at 1519GMT up 0.5 pence, or 0.07%, at 697 pence. -By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; [email protected] (END) Dow Jones Newswires July 21, 2010 11:21 ET (15:21 GMT)