12 Apr 2012

Takeover by Foxtel approved

6:43 am on 12 April 2012

The Australian Competition and Consumer Commission has approved pay television giant Foxtel's $A2 billion takeover of the regional operator, Austar.

The approval was the last major hurdle to be cleared before the takeover could proceed. The ABC reports it was granted subject to an eight-year restriction on future acquisitions by Foxtel.

The deal was first proposed in July last year. Austar says it will cease trading on the Australian Securities Exchange late this month and it expects Foxtel to assume control in late May.