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New Zealand's SKY Network to buy streaming service RugbyPass

New Zealand broadcaster SKY Network Television Ltd. struck a deal to acquire Ireland-based online rugby network RugbyPass Ltd. for US$40 million.

RugbyPass is currently owned by U.S.-based RugbyPass Investors LLC, which is majority owned by private investment company Cooper and Co. The purchase price is made up of US$10 million in cash, issuance of new Sky shares worth US$20 million upon completion, and the remaining US$10 million payable in cash during an agreed-upon earn-out period.

Following the deal's completion Aug. 19, RugbyPass will operate as a wholly owned subsidiary of Sky.

RugbyPass offers a live streaming rugby service across Asia, Australia and Europe. The service also offers original video content, news, analysis, stats and a rugby player and team rankings system.

Sky CEO Martin Stewart said the acquisition will allow the company, which recently launched its sports app Sky Sport Now, to expand beyond New Zealand.