Tuesday 26 July 2016

UTV Ireland sale receives ministerial approval as ITV deal edges closer

Published 19/02/2016 | 07:38

The sale of television division, including UTV Ireland, to ITV is expected to be completed by the end of February Photo: Jason Alden/Bloomberg
The sale of television division, including UTV Ireland, to ITV is expected to be completed by the end of February Photo: Jason Alden/Bloomberg

UTV, a commercial television broadcaster, has received ministerial approval for the sale of UTV Ireland to ITV for £100m.

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On October 29 last year, UTV announced it would sell its entire issued share capital in its wholly-owned subsidiary, UTV Ireland.

Approval from the Irish minister for communications, energy, and natural resources, Alex White, was one of the conditions of the deal that needed to be satisfied.

After receiving approval, UTV expects the deal to be completed on Monday, February 29.

In January ITV's £100m purchase of UTV Media's television assets - including UTV Ireland - was approved by the Competition and Consumer Protection Commission (CCPC).

CCPC approval was another hurdle the deal had to clear before completion.

UTV Media chairman Richard Huntingford said the deal was the best way to maximise shareholder value when the sale was announced.

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