Sky confirms acquisition of The Cloud
The purchase has been completed, subject to regulatory approval in Jersey.Sky has confirmed its acquisition of The Cloud, a leading operator of wireless broadband hotspots across the UK and Europe.
In its financial results for the six months ending December 31st 2010, the pay-TV giant said the move gives it ownership of more than 5,000 public Wi-Fi access points across the country.
This will enable its subscribers to log on to its online service at "convenient locations" while they are out and about, the broadcaster explained.
As well as this, Sky stated the purchase - which is subject to regulatory clearance in Jersey - represents a boost to its existing broadband products by "offering customers a comprehensive option for Wi-Fi connectivity while they are on the move".
According to the digital TV provider, The Cloud had gross assets of £17.1 million in December 2009, when the most recent audit of its group financial statements took place.
Plans for the acquisition were first reported on January 23rd by the Sunday Times, which is owned by News Corporation, the parent company of Sky.
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