Spark New Zealand is seeking a court order for a short-term pause if the proposed Sky TV/Vodafone NZ merger gets the green light from the Commerce Commission. Vodafone becomes a 51 percent majority shareholder in Sky TV, in what amounts to a reverse takeover. The pay-TV operator will borrow $1.8b from Vodafone to fund the purchase, repay existing debt and use for working capital. Spark's general manager of regulatory affairs John Wesley-Smith said a short pause would provide "breathing space" to assess legal options and background on the decision. Wesley-Smith said Spark was among other parties who wrote to Sky and Vodafone last week asking for a voluntary agree to a pause in the event the merger gets clearance.

Source: New Zealand Herald February 19, 2017 23:03 UTC