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Comcast expects to pay the banks, law firms and other advisers on its offer of 25.9 billion pounds sterling for Sky up to 243 million pounds if it wins the battle for the British broadcaster, said the American cable giant. 19659002] The sky is at the center of a complex transatlantic bidding war between Twenty-First Century Fox, Comcast and Walt Disney that will generate significant fees for consulting firms working from all the sides.
Fox, who already owns 39% of Sky, and Comcast are fighting for control of the British pay TV group. At the same time, Comcast and Disney are competing to buy most of Fox's film and television badets, including its stake in Sky.
Comcast expects to pay its advisers between 203 million and 243 million pounds in total for their work on the Sky offer, the US group estimated in its formal offer document for the British company.
The lion's share of fees – up to £ 170.3 million – will go to lenders, including Bank of America, which coordinates funding for the Comcast bid.
The cable giant will also pay between £ 22.7 million and £ 37.8 million to companies that provide financial advice. They include the Robey Warshaw boutique, the small business founded by investment bankers Sir Simon Robey, Simon Warshaw and Philip Apostolides in 2013 and which is based in the upscale Mayfair neighborhood in London.
In addition, no less than 24.1 million pounds will go Comcast's legal fees. Meanwhile, Sky expects to spend between 88.6 million pounds and 95.9 million pounds on tips and other expenses related to Comcast's offer, the document shows
The Broadcaster estimates that he will pay Barclays, Morgan Stanley and PJT Partners between 59.5 million pounds and 61.5 million pounds for their financial advice, according to the Comcast document. Comcast said in the document that its offer of £ 14.75 per share to Sky's shareholders was open until 1 pm London time on August 22, although it stated that it was not possible for the company to sell its shares. she could extend acceptance period
He raised his bid for Sky after Fox softened his competing bid at 14 pounds a share earlier that day. Sky's independent directors recommended the Comcast bid.
Sky shares closed 0.6 percent at 15.35 pounds. The stock is trading above the Comcast bid level while speculation that Fox will make a higher counter-bid. Fox has not yet released its bid document
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