Sky sells Easynet to Bank

It has been reported that BskyB, the provider of broadband, TV bundles in the United Kingdom and the satellite TV firm operating in the UK controlled by News International of Rupert Murdoch, has sold its Easynet Global Services to Lloyds Bank's private equity arm, LDC.

According to reports the fresh owner has hired the former chief executive officer of BT Global Services, Hanif Lalani, as a non-executive director. The acquisition however is subject to a regulatory approval.

It is understood that Lloyds is all set to pay for Easynet's international services arm operation GBP 100 million. The operation was acquired by Sky for GBP 210 million at the end of 2005. Sky had also absorbed the Easynet's UK business along with its broadband providing operation into it as part of its service offered to satellite TV customers.

David Rowe, the chief executive officer at Easynet said that this was a tremendous deal for Easynet as it provided them with the extra capital to help fund its fresh phase of development.

Rowe added that it gave them access to the profound sector knowledge and experience of LDC besides allowing them to retain a business relationship with BSkyB and carry on access to the fibre network of the company that were all elements, which were to be greatly beneficial to their future growth as well as success.

Meanwhile, LDC revealed that it was supporting David Rowe along with his mangement team. On the other hand, Sky will also carry on to be one of Easynet's business customers.

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