UK satellite broadcaster BSkyB is taking control of interactive TV service Open in a deal that values the company at about $1.8bn (£1.2bn).

BSkyB is raising its stake in Open from 32.5% to 80.1%, acquiring the holdings of banking group HSBC and Japanese electronics company Matsushita. HSBC is selling its 20% share of Open for $338m (£225m) in BSkyB shares; Matsushita is selling its 15% for $254m (£169m) in shares.

In addition, UK telco British Telecommunications' 32.5% stake in Open will be diluted to 19.9%.

Open boasts access to more than nine million people through televisions in 3.4 million homes. Its services include home shopping, banking and e-mail.

"By increasing our shareholding substantially, we are set to create a strong new revenue stream and establish long-term value," said BSkyB CEO Tony Ball.