Sky Network Television And Vodafone New Zealand Drop Merger Plan

By Ben Collins Features Dow Jones Newswires

Sky Network Television Ltd. (SKT.NZ) said Monday that a proposed merger with the local operations of Vodafone Group PLC (VOD.LN)would be abandoned.

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It also said an appeal in the New Zealand High Court against a regulator's decision to block the merger on the grounds it would substantially lessen competition would be withdrawn. The 3.44 billion New Zealand dollar (US$2.5 billion) deal would have created the country's largest telecommunications and media group.

"Sky and Vodafone New Zealand will continue to work together to strengthen our commercial relationship for the benefit of the customers and the shareholders of our respective organizations," the companies said in a joint statement.

The pay-TV operator and telecommunications group did not give a reason for the decision.

Write to Ben Collins at ben.collins@wsj.com

(END) Dow Jones Newswires

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June 25, 2017 18:32 ET (22:32 GMT)