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| BSkyB agrees £125m Amstrad deal | BSkyB agrees £125m Amstrad deal |
| (about 1 hour later) | |
| Broadcaster BSkyB has struck a deal to buy television set-top box maker Amstrad for about £125m. | Broadcaster BSkyB has struck a deal to buy television set-top box maker Amstrad for about £125m. |
| Amstrad, which was founded by the star of BBC One's The Apprentice, Sir Alan Sugar, supplies about 30% of the set-top box devices for Sky. | Amstrad, which was founded by the star of BBC One's The Apprentice, Sir Alan Sugar, supplies about 30% of the set-top box devices for Sky. |
| Orders from the broadcaster made up about 75% of Amstrad's sales in the year to the end of June. | Orders from the broadcaster made up about 75% of Amstrad's sales in the year to the end of June. |
| Sky said that the deal meant they could now save money, design their products in-house and be more innovative. | Sky said that the deal meant they could now save money, design their products in-house and be more innovative. |
| I cannot imagine a better home for the Amstrad business and its talented people Sir Alan Sugar Profile: Sir Alan Sugar Check Amstrad's share price Check BSkyB's share price | I cannot imagine a better home for the Amstrad business and its talented people Sir Alan Sugar Profile: Sir Alan Sugar Check Amstrad's share price Check BSkyB's share price |
| Shares in Amstrad's rival set-top box maker Pace Micro Technology fell about 11% on the news. | Shares in Amstrad's rival set-top box maker Pace Micro Technology fell about 11% on the news. |
| 'Entrepreneurial spirit' | 'Entrepreneurial spirit' |
| Sir Alan, who is Amstrad's chairman and chief executive and owns 28% of the firm, will stay with the business. | |
| He said the two companies had worked together for a long time. | |
| "I cannot imagine a better home for the Amstrad business and its talented people," he said. | "I cannot imagine a better home for the Amstrad business and its talented people," he said. |
| "Our companies share the entrepreneurial spirit of bringing innovation to the largest number of customers. | "Our companies share the entrepreneurial spirit of bringing innovation to the largest number of customers. |
| "Sky is a great British success story. I'm proud to have worked so closely with it, and I look forward to continuing to play a part in this exciting business." | "Sky is a great British success story. I'm proud to have worked so closely with it, and I look forward to continuing to play a part in this exciting business." |
| BSkyB said the deal would "significantly" reduce costs in its supply chain. | BSkyB said the deal would "significantly" reduce costs in its supply chain. |
| Sir Alan and James Murdoch are happy with the deal | Sir Alan and James Murdoch are happy with the deal |
| It would also give it improved control over the design and specification of products and more flexibility to continually improve the technology, it added. | It would also give it improved control over the design and specification of products and more flexibility to continually improve the technology, it added. |
| "It will help us to drive innovation and efficiency for the benefit of our customers," chief executive James Murdoch said. | "It will help us to drive innovation and efficiency for the benefit of our customers," chief executive James Murdoch said. |
| Other innovations | Other innovations |
| Founded by Sir Alan as an electrical goods retailer in 1968, Amstrad listed on the London Stock Exchange in 1980. Its name is an acronym of Alan Michael Sugar Trading. | |
| The company launched a home computer package aimed at the mass market in the mid-1980s and was Sky's first supplier when the broadcaster launched in 1988. | |
| Besides set-top boxes, its recent products have included the E3 videophone. | |
| This followed on from the E-mailer phone, which allowed e-mail, internet, pictures and video calls but did not find massive commercial success. | This followed on from the E-mailer phone, which allowed e-mail, internet, pictures and video calls but did not find massive commercial success. |
| Last month, Sir Alan sold his stake in Premier League club Tottenham Hotspur for £25m. | |
| Most of his current wealth comes from his property portfolio in Mayfair, the aviation firm Amsair and property investment group Amsprop. |