Fox and Comcast are on the verge of settling their $ 36 billion battle for Sky

The auction process will officially begin Friday at 17 hours. London time (12 pm ET).

As was explained Thursday by the US supervisory board of acquisitions, this process will take the form of three offers. Each must be submitted in sterling, said the acquisition committee.

In the first round, the lowest bidder – in this case Fox – can increase its bid on Sky. Comcast then has the chance to increase his offer for Sky in the next round. If the auction procedure has not been concluded during this second round, it is then conducted in a third and final round.

In the evening of the next day, Saturday, the auction will end and no other offers can be submitted.

This is a very unusual procedure for an agreement as remarkable as the acquisition of Sky. Auctions are normally reserved for commercial transactions.

Peddy, of Macquarie, said all eyes will be on Fox, as the company has to launch the first salvo and, therefore, determine if Comcast decides to make its own bid.

"I think the two players will probably compete for a good place," he said. "I guess you could argue that Fox has to throw it."

"So how they get out of the trap, so to speak, in the first round will dictate the level of the auction.Clearly, Comcast then has the ability to track and there is a complete and final offer."