June 25, 2017 / 9:06 PM / 3 months ago

Sky and Vodafone NZ drop sales agreement, Commerce Commission appeal

WELLINGTON, June 26 (Reuters) - New Zealand pay television provider Sky Network TV on Monday said it was terminating the sales agreement to buy Vodafone’s local unit, a deal the country’s competition regulator had ruled against.

The two companies had been fighting the New Zealand Commerce Commission’s decision to block the proposed NZ$1.3 billion ($946.40 million) deal in February, but said in a joint statement to the New Zealand stock exchange that they were dropping their High Court appeal.

$1 = 1.3736 New Zealand dollars Reporting by Charlotte Greenfield; Editing by Dan Grebler

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