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NEW YORK - News Corp. and a private equity firm offered Friday to buy out public shareholders of News Corp.'s publicly traded subsidiary NDS Group PLC.
NDS Group is a British company that makes technology for pay TV services.
News Corp. and funds advised by Permira Advisers LLP offered to pay $60 per share in cash for NDS's shares, a 21 percent premium over the price of $49.70 that NDS's U.S.-listed stock closed at on Friday.
News Corp, which announced the deal late Friday, declined to comment on the deal beyond a prepared statement.
News Corp. currently owns roughly a 72 percent stake in NDS and controls 96 percent of the shareholder vote through a special class of shares.
If the deal goes through, News Corp. would cede control of NDS to the Permira funds, winding up with a 49 percent ownership and voting power in the new company. Meanwhile, the Permira entities will have a 51 percent stake.
The deal must pass through several approvals, including a committee of independent directors of News Corp. and the Securities and Exchange Commission.
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