Macquarie prepares to sell Arqiva stake

September 30, 2013 10.42 Europe/London By Julian Clover

Arqiva dishAustralian pension fund manager Macquarie is to auction off its 25% stake in the transmission company for an anticipated 600 million.

Canadian pension funds including PSP Investments and Canada Pension Plan Investment Board (CPPIB) have been named as the most likely suitors with (CPPIB) potentially increasing its holding beyond the current 48%.

Arqiva runs the majority of the UKs broadcast transmitter sites, as well as Freeview/DTT multiplexes, mobile transmitter masts and satellite uplink facilities. It is also a shareholder in YouView.

PSP and CPPIB are also in the frame for Arqivas French opposite number TDF.

Macquarie acquired the then NTL Broadcast in 2005, combining with National Grid Wireless (Crown Castle) two years later.

Arqiva in February completed debt refinancing, when it raised 3.6bn from banks and bond markets, together with a contribution of nearly 900m from shareholders.

In February 2013, Arqiva received a 867 million refinancing.