leadf
logo-loader
viewProactive Group

Investors to get chance to tune in to £6bn float of TV transmission masts owner Arqiva

Private-equity owned Arqiva, which carried the BBC's first television broadcast in 1936, said it will use the proceeds from next month's listing to pay down debt. Given its size, Arqiva is likely to enter the FTSE 100 index.

Crystal Palace TV mast
Arquiva's flotation comes amid a quickening pace in IPOs on the London Stock Exchange

Arqiva, the UK’s largest owner of TV transmitters, has announced plans to raise around £1.5bn in the biggest initial public offering (IPO) in London so far this year, with the firm overall to be valued at £6bn.

Private-equity owned Arqiva, which carried the BBC's first television broadcast in 1936, said it will use the proceeds from next month's listing to pay down debt. Given its size, Arqiva is likely to enter the FTSE 100 index and its flotation comes amid a quickening pace of IPOs on the London Stock Exchange.

READ: UK debt collector Cabot Credit Management set to float on LSE next month

Ready meals supplier Bakkavor, business services firm TMF and credit services provider Cabot Credit Management are among those that have said they are planning to list in recent weeks.

Arqiva,  which is owned by the Canada Pension Plan Investment Board and Australian bank Macquarie, was widely reported to be in talks about a trade sale.

However, the collapse of discussions with Canadian and Singaporean investors is understood to have paved the way for a float instead.

Critical infrastructure

Arqiva’s chief executive officer Simon Beresford-Wylie said: "Arqiva provides the critical infrastructure and skilled workforce that ensures the effective operation of the UK's television, radio, telecoms and smart meters.

He added: “The group's strong cash flows and stable, long term capital structure will allow Arqiva to invest in its operations to drive future growth and pay a generous dividend."

For the year ended 30 June 2017, Arqiva generated revenue of £943.8mln, and had underlying earnings (EBITDA) of £467mln and an overall loss of £427mln.

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Loop Insights getting ready to rumble as platform wallet being used by the...

Loop Insights (CVE: MTRX- OTCQB: RACMF) CEO Rob Anson joined Steve Darling from Proactive with big news that Loop's Wallet pass platform will engage global boxing fans during the WBC super-middleweight championship fight, featuring champion Saul "Canelo" Alvarez and challenger Avni...

17 hours, 12 minutes ago

2 min read