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UK - NDS to be taken private in USD 3.6bn deal

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Permira is reported to be backing an offer to take set-top box maker NDS Group Plc private, in a deal that would value the company at around USD 3.6bn.

The transaction will see Rupert Murdoch's News Corp, which currently owns 72% of the business, reduce its stake to 49%. Permira will hold the balance of the equity and will pay USD 1.5bn in cash alongside a USD 200m vendor note. Debt financing will be provided by JP Morgan and Morgan Stanley.

The purchase price of USD 60 per share reflects a 20.7% premium to NDS's American Depositary Shares closing price of USD 49.7 on Nasdaq on 27 June 2008.

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