Digitalising Denmark

Macquarie is supporting the transformation of Denmark’s digital telecommunications infrastructure and services, through long-term investments in TDC NET and Nuuday.

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Sector Infrastructure
Sub-sector Digital infrastructure
Location Denmark


Denmark is an advanced digital economy, but significant investment is needed to upgrade the country’s infrastructure to keep pace with changing connectivity needs and rapid advancements in technology. 

As Denmark’s incumbent telecommunications company, with an extensive presence in both fixed and mobile networks, TDC Group is well positioned to modernise the country’s telecommunications infrastructure and services.

By supporting an innovative investment program and opening its network to competitors, Macquarie and its co-shareholders believed TDC Group could drive innovation across the sector and increase consumer access to, ultra-fast broadband.   


Macquarie and its co-shareholders delisted TDC Group from the country’s stock exchange in 2018 and began the company’s successful demerger - creating two independent businesses with standalone expertise in digital infrastructure (TDC NET) and premium customer service delivery (Nuuday).

Without the pressures associated with being a listed company, Macquarie believed TDC Group would be better positioned to make the long-term investments needed to transform its operations and customer offering, for the benefit of Denmark’s people and its economy.

The landmark demerger was designed to ensure the focused development, construction and operation of future-proofed digital infrastructure for Denmark while enabling TDC NET to embark upon on one of the largest and most complex capital investment programs in the company’s history.

The major investment program envisaged accelerating the upgrade of TDC NET’s copper and coaxial cable network so fibre-to-the-premises connections could be extended to more than one million households and businesses across Denmark by 2025. While supporting TDC NET’s expanded rollout of ultrafast fibre broadband, Macquarie and its co-shareholders sought to strengthen nationwide mobile connectivity by investing early and at scale so the business could deliver the country’s next generation mobile network.

While supporting these transformational investments in TDC NET’s network infrastructure, Macquarie and its co-shareholders have backed innovation across Nuuday’s suite of eight consumer-facing brands. The business is investing in the development of new products and premium content while growing its partnerships with other networks – expanding its offering and reach in the Danish market.

With TDC NET and Nuuday already pushing forward with ambitious sustainability agendas, Macquarie and its co-shareholders have collaborated with teams at both companies to understand the skills and resources they need to further enhance their approach across priority areas including climate action, resilience, health and safety, and digital trust.


Promoting competition

The demerger of TDC Group’s infrastructure from its services business has made available TDC NET’s fixed and mobile networks to all telecommunications service providers on the same terms. This landmark decision unlocks competition and choice in the Danish telecoms market and provides retail and business customers with access to a wider range of services from a greater number of suppliers. By promoting competition at the retail level, Macquarie expects TDC NET’s shift to an open-access infrastructure model will reduce the need for investment in duplicative and likely underutilised infrastructure.


Increasing community access to fibre

TDC NET’s fibre rollout continues at pace under Macquarie’s stewardship, with the company passing more than 600,000 households and businesses with fibre connections.1 The rollout underlines TDC NET’s important role in enhancing digital inclusion as it expands access to ultrafast, secure, and reliable broadband in underserved communities. At the same time, TDC NET’s investment in fibre is reducing Denmark’s reliance on its inefficient and energy intensive legacy copper network.


Expanding 5G mobile availability

Following years of planning and investment, TDC NET’s 5G  network has been expanded to cover 99 per cent of Denmark.2 The rapid deployment of 5G by TDC NET, in partnership with Ericsson, saw Denmark become the first Nordic country to roll out the state-of-the-art technology nationwide in 2020.2 The successful rollout has enabled mobile users to access faster and more reliable wireless internet while ensuring the network is prepared to handle expected increases in mobile data consumption. Through its focus on delivering Denmark’s most reliable and resilient digital infrastructure, TDC NET’s 4G and 5G networks have consistently been recognised as providing the country’s best mobile experience.2


Improving quality and choice

Nuuday is deepening its leading offering across its youSee, TDC Erherve, Telmore, Hiper, NetDesign, Blockbuster, Relatel and eesy brands, further developing its high-quality telecommunications and digital customer experiences. Today, Nuuday is Denmark’s leading TV, consumer broadband, mobile voice and B2B services provider, with its brands serving 5.8 million Danish households and business customers.3


Commitment to delivering social and environmental impacts

In partnership with Macquarie and its co-shareholders, TDC NET and Nuuday set net zero objectives under the Scientific Based Targets initiative (SBTi). TDC NET was the world’s first company to have an SBTi validated 2030 net zero target,4 committing to eliminate its Scope 1, 2 and 3 emissions while transitioning to 100 per cent renewable energy by 2030 or earlier.5 Nuuday is pursuing the same goals while equipping Danes with digital skills for the future. Through long-standing partnerships with children’s welfare charities, Nuuday is helping to educate Danish children and adults on how to be safe online and build confidence with new technology.6


competition and choice through open access infrastructure

~2 million homes

passed by TDC NET’s broadband network7

99 per cent

5G coverage across Denmark2


mobile experience 

TDC’s expertise has been keeping Denmark connected for more than 140 years. As the largest telecommunications provider in Europe’s most connected country, our shared investment in TDC will secure its role as a driving force behind Denmark’s digital transformation for generations to come.” 

Susana Leith-Smith
Managing Director, Macquarie Asset Management 

  1. Sustainability report 2022, TDC NET
  2.  TDC NET H1 2023 Results, TDC NET,
  3. Nuuday Annual Report 2022, Nuuday,
  4. Net-Zero Case Study - TDC NET, Science Based Targets initiative,
  5. Sustainability report 2022, TDC NET
  6.  Nuuday Annual Report 2022, Nuuday,
  7. Comprised of 607,000 homes passed with fibre and 1,325,000 homes passed with coax, TDC NET, Annual report 2022,