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Money Arqiva holds fire on IPO plans

18:01  04 november  2017
18:01  04 november  2017 Source:   pressassociation.com

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TV, radio and mobile phone mast company which carried first BBC television broadcast expected to be valued at £6bn by listing.

In January 2005, Macquarie Communications Infrastructure Group renamed its new subsidiary Arqiva . Subsequently in July 2009, Macquarie sold off a substantial part of its holding and moved the remaining amount to its investment fund. Canada Pension Plan Investment Board (CPPIB)

Arqiva holds fire on IPO plans © Provided by The Press Association Arqiva holds fire on IPO plans

TV and mobile infrastructure firm Arqiva has “postponed” plans for a £6 billion listing on London Stock Exchange as it bemoaned “market uncertainty”.

It is the latest firm to pull back from an initial public offering (IPO) and comes on the same day that food supplier Bakkavor pulled the plug on its listing.

The group said in a statement: “Arqiva announces today that it will postpone its proposed initial public offering.

“The board and shareholders have decided that pursuing a listing in this period of IPO market uncertainty is not in the interests of the company and its stakeholders, and will revisit the listing once IPO market conditions improve.”

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British broadcast and mobile masts company Arqiva ( IPO -ARGL.L) plans to raise around 1.5 billion pounds in the biggest initial public offering ( IPO ) in London so far in 2017. Private equity owned Arqiva , which carried the BBC's first television broadcast in 1936

LONDON (Reuters) - British broadcast and mobile masts company Arqiva plans to raise around 1.5 billion pounds ( billion) in the biggest initial public offering ( IPO ) in London so far in 2017. After 2.6 billion pounds worth of debt held by shareholders is converted into equity, Arqiva ’s implied

Had it gone ahead, it would have been one of the biggest listings this year.

The news comes after business services provider TMF Group also ditched plans for an IPO in October, opting instead for a sale to private equity firm CVC Capital.

The company, owned by Canada Pension Plan Investment Board and Macquarie, is Britain’s largest owner of mobile, TV and radio towers and works with the likes of BBC, ITV, Channel 4, Channel 5.

Arqiva had hoped to raise £1.5 billion through the initial public offering (IPO) and use the proceeds to pay down debt.

The deal would have given the group a market value of £4.5 billion and £6 billion including debt.

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