|Broadcast infrastructure giant ntl has entered into a definitive agreement to sell its broadcast business for £1.27 billion.
The agreement has been reached with a consortium led by Macquarie Communications Infrastructure Group (MCG) and including Macquarie Bank Limited, Industry Funds Management (Nominees) Limited and other third party investors.
The sale is subject to regulatory approval and is expected to close in the first quarter of 2005.
Simon Duffy, Chief Executive Officer of ntl, said: “We are very pleased to have agreed the sale of our broadcast division to MCG on these terms. MCG has been an excellent owner of a similar business we sold to them in Australia in 2002 and I am sure that they will prove to be an equally good owner of our UK broadcast business. The 2002 transaction has proved to be highly beneficial to both MCG and ntl and I am confident that the transaction we are announcing today will prove to be just as successful for both parties. Going forward, this transaction will enable us to focus on continuing to grow our core cable and broadband businesses.”
The broadcast business provides tower site leasing, broadcast transmission, satellite, media, public safety communications and other network services in the UK and the Republic of Ireland. The broadcast business’ customers include the leading UK mobile wireless operators, all major commercial television and radio broadcasters and public safety organisations such as the police, fire and ambulance services. The broadcast business has the second largest independent portfolio of wireless towers and sites available for lease in the UK.