News Corp and private equity firm Permira Advisers have completed a deal to take NDS Group, a set-top box technology maker, private. NDS Group approved the $63-per-share (£33.70) cash deal to buy the outstanding shares of the company in cash, which are worth $1.52 billion (£813.7 million)

News Corp and private equity firm Permira Advisers have completed a deal to take NDS Group, a set-top box technology maker, private. NDS Group approved the $63-per-share (£33.70) cash deal to buy the outstanding shares of the company in cash, which are worth $1.52 billion (£813.7 million).

The transaction is expected to close by the end of the year or in early 2009. News Corp will own 49 per cent of the company, while Permira will own 51 per cent. News Corp currently owns 72 per cent of the equity of NDS.

NDS group chairman and chief executive Abe Peled commented: “With the convergence of broadband and broadcast technology, new frontiers lie ahead for NDS.”

Peled added: “NDS needs to have the strategic agility and flexibility to enter into any type of value enhancing transactions. The current ownership structure was imposing certain limitations.”