The acquisition, terms of which were not revealed, is expected to be concluded within a few weeks.
The assets comprise the hardware and software technology, and related intellectual property developed for the Project Kangaroo service.
Arqiva said it plans to use the Project Kangaroo platform assets to launch a new video-on-demand service to UK consumers in the coming months.
Project Kangaroo was close to being ready for launch before the initiative was prohibited by the Competition Commission.
"The platform will aim to host top-end quality content from leading broadcasters and independent content providers to provide a broad range of user experiences to its audiences," it said.
Steve Holebrook, managing director for Terrestrial Broadcast at Arqiva, said: "We believe that online video-on-demand is an exciting and complementary development, and a natural extension to our traditional broadcast business."
Arqiva, owned by acquisitive Australian bank Macquarie, provides much of the infrastructure behind the UK's television, radio and wireless communications services.
Among other services, it provides transmission networks for BBC Radio and most commercial radio stations, plus it owns and operates two of the six UK digital terrestrial TV multiplexes.
Arqiva is no stranger to the shareholders of Kangaroo, ITV, Channel 4 and BBC Worldwide. The three broadcasters are among its biggest customers.
ITV, Channel 4 and BBC Worldwide had planned to launch Project Kangaroo this year. However, its launch was blocked by the Competition Commission after the regulator deemed it to be anti-competitive.
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