DIGICEL has bought out Fiji Television Ltd’s pay-TV service Sky Pacific for a reported F$5.75 million (K7 million) deal.
This came after weeks of intense negotiations culminating in the signing of a substantive sales and purchase agreement.
Fiji TV executive director Nouzab Fareed said: “We signed an official agreement with Digicel Fiji Ltd transferring Sky business to Digicel. So effectively today (Sept 17) we have received a deposit from them and within next 21 days or so, probably early October they will officially take as part of their business.
“The purchase price is F$5.75 million. They paid a deposit of F$0.75 million today, F$5 million (K6.6 million) will be paid on completion.
“Completion is 21 days or before but they are hoping to start on October 1. It is subject to the regulatory approval.
“In the coming weeks and months the business would slowly transition under the Digicel brand.”
Digicel Fiji chief executive Darren McClean said while they had a lot planned for the business, for now at least, they would keep the Sky Pacific brand name.
“We’re very excited about the opportunity to grow the Sky Pacific brand further and to grow the customer base further and most importantly, it’s about bringing some innovation, that we have a track record in this market for over the last seven years into the TV space so we’re hoping that this is a very transformative step for both Digicel, Sky and most importantly the customers.”