Macquarie Asset Management is exiting broadcast infrastructure company Arqiva, agreeing the sale of its 26.5% stake for £16.5 million (€19.5m).
The holding is being sold by Macquarie European Infrastructure Fund II (MEIF II) and other Macquarie-managed vehicles. A pre-emption notice has been issued to fellow shareholders including majority owner Digital 9 Infrastructure (D9), which says the price is “clearly” well below the value implied by its own vendor loan note and equity stake.
D9 currently holds 51.8% of Arqiva, an asset that represents around 75% of its adjusted gross asset value, based on a valuation of £213.2 million (€251.6m) as of 30 June 2025. The investment trust, which is in a managed wind-down, has told investors it would be “premature” to sell its own stake before key issues such as DCMS policy, long-term broadcasting contract renewals from 2030 and Arqiva’s capital structure refinancing are resolved.
Arqiva has been a strong voice in the the Broadcast 2040+ campaign that wants safeguard Freeview terrestrial TV and radio into the 2040s as government reviews distribution beyond 2034.
Macquarie said the deal would allow MEIF II, launched in 2006 and now in liquidation, to be wound up once customary regulatory approvals are obtained. The buyer of the 26.5% stake has not been disclosed.
Arqiva is the UK’s sole provider of national digital terrestrial TV and radio broadcast infrastructure, as well as a major player in smart water and energy metering and satellite uplink and distribution services. The company’s network reaches around 98.5% of the UK population via Freeview.
