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A group of tech giants including Netflix, Google and Spotify will go private, following a deal to make money on the Internet that is expected to make them more profitable in the long run.
The Australian Securities and Investments Commission has agreed to sell the group to a consortium of private equity firms, according to the Australian Financial Review.
The deal, expected to be completed within the next three months, is expected provide an additional $5 billion to $7 billion in annual revenue for the firms, with the companies expected to keep the majority of the revenue.
Netflix and Spotify had agreed to a deal with the Australian Securities Exchange to merge the businesses in the country.
Under the terms of the deal, Netflix and Spotify have agreed to pay up to $3 billion in cash and stock and the other $3.7 billion is expected be paid in a series of payments over the next six months.
The Australian Securities Commissions terms of reference state that the sale is expected “to generate between $1 billion and $3 million in cash from cash-and-stock arrangements in the short term and between $2.5 billion and 4 billion in net cash flow in the medium term”.
A separate deal between Australian multinationals Fairfax Media and The Australian Financial News, for example, has been delayed for a year because of uncertainty about the future of the companies.
The group of Australian private equity investors have been in talks with Netflix and its Australian parent company, Time Warner, about a possible sale.
The company was already in talks about a sale to another consortium, but that talks fell apart after it became clear that Time Warner wanted to take on the group.