Pay TV provider Sky TV and telecommunications carrier Vodafone NZ have pushed ahead with their proposed merger, receiving consent from the New Zealand Overseas Investment Office.
The Overseas Investment Office granted consent on Friday in spite of the New Zealand Commerce Commission declining clearance back in February because it could substantially lessen competition in the mobile telecommunications and broadband markets.
Sky and Vodafone were able to gain approval from the Overseas Investment Office instead of the Commission because both companies are more than 25 percent owned by overseas entities, and because their asset value and purchase price are both worth more than $100 million ($70,000 USD).
“The merger of the two companies met the criteria required by the Overseas Investment Act 2005,” the Overseas Investment Office said.
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