Arqiva has announced plans to proceed with a £1.5 billion Initial Public Offering and will list on the London Stock Exchange.
The move abandons the transmission company’s previous strategy to auction the company.
“Connectivity is key to the growth and on-going competitiveness of the British economy. Arqiva provides the critical infrastructure and skilled workforce that ensures the effective operation of the UK’s television, radio, telecoms and smart meters. We are at the heart of communications and enablers of the vibrant digital economy,” said Simon Beresford-Wylie, CEO, Arqiva.
“The IPO will enable Arqiva’s leadership team to continue to execute on its proven strategy, whilst pursuing additional growth opportunities through our tower portfolio and investing in next generation 5G and fibre technology and returning significant amounts to shareholders,” added Mike Parton, Arqiva’s non-executive chairman.
Arqiva is responsible for the transmission of the majority of Britain’s terrestrial television and radio signals, as well as satellite uplinks for Sky and a host of international broadcasters. It also has substantial business in the mobile phone sector.
It is also a shareholder in Freeview.
In the year to June 30, 2017 Arqiva posted revenue of £944 million. It recorded an EBITDA of £467 million pounds and an overall loss of £427.
Arqiva’s largest shareholder is the Canada Pension Plan Investment Board, which holds 48 per cent of the shares. The Australian bank Macquarie owns a further 25 per cent.
