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You are here: Macquarie International Infrastructure Fund (MIIF) > Investment portfolio > Arqiva and National Grid Wireless |
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Communications Infrastructure:
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| Investment | Description |
| Date of acquisition | 27 May 2005 |
| Cost of acquisition(1) | S$434.8 million |
| Valuation(2) | S$309.4 million |
| MIIF's ownership | 8.7% interest |
| % of MIIF portfolio | 27.1% |
(1)Acquisition cost comprises of initial acquisition of S$175.7 million on 27 May 2005 and rights issue of S$259.1 million for the add-on acquisition of NGW on 4 April 2007.
(2) Based on 30 June 2009 valuations.
Arqiva is a provider of terrestrial and satellite broadcasting transmission, wireless communications and radio services predominantly in the United Kingdom (UK). Arqiva provides transmission services to TV and radio broadcasters, site leasing to mobile phone and other wireless communication companies, and radio services to UK emergency services and other government and commercial organisations. Arqiva owns and operates 1,435 sites for radio and television broadcasts, 8,000 active sites for mobile communications and two of the six digital terrestrial TV multiplexes in the UK. More than 99% of the UK population is served by Arqiva’s owned and operated communications and broadcast infrastructure.
In April 2007 MIIF made a follow-on investment in Arqiva of S$259.1 million by taking up its proportionate rights in an offering to support the acquisition of National Grid Wireless (NGW).
Arqiva’s objective in acquiring NGW in April 2007 was to create a unified provider of broadcast transmission services in the UK that could better serve customers and the industry. At the time of acquisition it was anticipated that the United Kingdom Competition Commission (UKCC) would review the transaction.
The UKCC released its final report on 11 March 2008 and indicated that it would allow the merger of Arqiva and NGW, subject to certain undertakings. The undertakings by Arqiva concern broadcast customers of the merged entity and comprise a package of measures ensuring ongoing high levels of quality service, price reductions for customers and the institution of an independent adjudicator to resolve disputes and oversee auditing of the Digital Switch Over (DSO) project. Following industry consultation, Arqiva and the UKCC reached a final agreement, with the hold separate undertaking lifted on the 1 September 2008.
Full integration of the two companies has commenced and is progressing well. Over the next two years the integration of Arqiva and NGW is expected to be largely completed, resulting in a strong platform to access growth opportunities in 2010 and beyond.
| Financial highlights for the six months ended 30 June 2009(1) |
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| £m | 2009 | 2008 |
Variance Fav/(Adv)(2)
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|---|---|---|---|
| Revenue | 413.4 | 386.2 | 7.0% |
| EBITDA | 159.4 | 146.2 | 9.0% |
| EBITDA margin | 38.6% | 37.9% | 0.7% |
| Distributions to MIIF (S$m) | 3.8 | 10.2 | (62.7%) |
(1) Pre one-off cost and share of income from associates.
(2)
Favourable/(Adverse)
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