DirecTV announced that it had completed the purchase of $604.8 million in stock of Sky Brazil from Globo Comunicação e Participações S.A. (Globo). That increased the stake held by DirecTV, through its DirecTV Latin America subsidiary, to approximately 93%.
Globo, which still holds the remaining 7% of Sky Brazil, had notified DirecTV in June that it was exercising its right under a 2004 agreement to exchange the shares for cash. In the deal which closed Thursday (12/16) DirecTV purchased an 18.9% stake in Sky Brazil, increasing its holding from 74% to approximately 93%.
Globo, which continues to supply programming to Sky Brazil, retains the right, until January 2014, to exchange all of its remaining equity interests in Sky Brasil.