LONDON-NTL Inc. reported the Secretary of State for Trade and Industry in England approved France Telecom S.A.’s investment in NTL without a reference to the Competition Commission.
NTL noted that all necessary conditions to the Cable & Wireless Communications plc scheme of arrangement that form part of the transaction have now been satisfied.
“We have eagerly awaited the completion of our acquisition of CWC ConsumerCo and today’s decision brings us closer to the final stage,” said Barclay Knapp, president and chief executive of NTL. “Our plans for integration are in place and, following completion of the transaction, we can work with CWC ConsumerCo’s management and staff to deliver quickly NTL’s vision throughout our new franchise areas.”
In related news, Crown Castle International Corp. and France Telecom announced that, in connection with France Telecom’s equity investment in NTL, France Telecom has entered into undertakings with the Office of Fair Trading in the United Kingdom to sell all of its interest in and relinquish its governance rights of Crown Castle.
France Telecom said it owns about 20 percent of Crown Castle’s equity.
Under terms of the agreement, France Telecom will sell approximately 22 million shares of Crown Castle common stock in an underwritten, registered public offering. Crown Castle may also offer up to 3.5 million shares of common stock.
When the offering is consummated, France Telecom will relinquish its remaining governance rights under the governance agreement and shareholder agreements, the companies said.
