Deutsche Bank and Craigs Investment Partners, the Bank’s 49.9%-owned New Zealand affiliate, executed New Zealand's biggest block trade in a decade last week, selling News Corporation's 43.6% stake in Sky Network Television in a transaction worth EUR 520 million.
Deutsche Bank was the sole underwriter and joint book runner with Craigs in the accelerated bookbuild on Monday, March 4. The 169.9 million shares were offered at a fixed price of NZD 4.80, achieving a discount of just 7.2% to the last close.
The deal is the latest evidence of the strength of Deutsche Bank's partnership with Craigs in New Zealand. The groundbreaking NZD 525m initial public offering of the Fonterra Shareholders Fund, a decade in the works and joint lead managed by Deutsche Bank and Craigs in November, recently won FinanceAsia's annual award for Best New Zealand Deal.
The Sky deal was the culmination of several months' work with News Corporation, involving coverage teams across Australia, the US and the UK, and Deutsche Bank's market-leading execution capabilities in Australia and New Zealand. It received extensive media coverage domestically and internationally.
Sky is the pre-eminent pay television broadcasting service in New Zealand, distributing mainly through a digital satellite network. It has over 800,000 residential subscribers, equivalent to about half of households in New Zealand.
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