The London-based investment group will now own nearly half of Arqiva, the company behind much of the UK’s TV and radio infrastructure.
Digital 9 Infrastructure is buying the stake from the Canada Pension Plan Investment Board (CPPIB), which was previously the largest shareholder in the company.
It’s the latest saga in what has been a rocky few years for Arqiva. In 2017 its shareholders wanted to float the business. That fell through and in 2019, Arqiva’s owners changed tack, seeking a break-up of the company. Weeks later, a deal for Arqiva’s telecoms division was signed, which saw it being taken over by Cellnex.
Arqiva has also seen a £40 million hit caused by last year’s fire at Bilsdale. It has also lost a source of income due to the closure of one of its Freeview multiplexes this week. But the company has also successfully branched out into new technologies, including smart metering.
Scott Lawrence, Managing Director, Head of Infrastructure at CPPIB commented:
“With D9’s investment expertise in digital infrastructure, we feel they are well positioned to help deliver Arqiva’s ongoing strategy and ambitions.”
The Canadians will net around £460 million from the sale.