Macquarie Asset Management is divesting from Arqiva, the UK-based broadcast infrastructure company. The agreement involves the sale of its 26.5% stake for £16.5 million (€19.5m). Macquarie European Infrastructure Fund II (MEIF II) and other Macquarie-managed vehicles are undertaking the sale.
A pre-emption notice has been given to fellow shareholders, including majority owner Digital 9 Infrastructure (D9). D9 states that the agreed price is "clearly" significantly below the value implied by its own vendor loan note and equity stake. D9 currently controls 51.8% of Arqiva, representing approximately 75% of its adjusted gross asset value, based on a valuation of £213.2 million (€251.6m) as of June 30, 2025.
The investment trust, currently undergoing a managed wind-down, has informed investors that it would be "premature" to sell its own stake before critical issues are resolved. These include DCMS policy, long-term broadcasting contract renewals from 2030, and Arqiva's capital structure refinancing.
Arqiva has been a prominent participant in the Broadcast 2040+ campaign, advocating for the safeguarding of Freeview terrestrial TV and radio beyond 2040 as the government reviews distribution beyond 2034. Macquarie stated that this deal will enable MEIF II, launched in 2006 and currently in liquidation, to be wound up upon obtaining customary regulatory approvals. The buyer of the 26.5% stake remains undisclosed.
Arqiva is the UK’s sole provider of national digital terrestrial TV and radio broadcast infrastructure. Furthermore, it is a significant player in smart water and energy metering, as well as satellite uplink and distribution services. The company’s network covers roughly 98.5% of the UK population via Freeview.