Macquarie snaps up National Grid Wireless for £2.5bn

LONDON - National Grid Wireless, the broadcast and mobile phone mast company bidding to set up the UK's second national digital radio multiplex, has been bought by Australian bank Macquarie for £2.5bn in cash.

An NGW spokesman said the acquisition would not affect its digital radio bid. He said: "It's a great opportunity and we are keen to pursue it."

Macquarie already owns NGW's rival Arqiva, formerly known as NTL Broadcast.

Arqiva is the transmission partner in the rival bid for the national digital radio multiplex from 4 Digital Group, the consortium led by Channel 4 Radio. It is not a shareholder in 4 Digital Group.

Macquarie is anticipating that UK competition regulators may block its acquisition of NGW. A Macquarie spokesman said it would hold the NGW business in a separate company, Macquarie UK Broadcast Ventures, pending approval of the deal by competition regulators.

Macquarie has attempted to develop a UK radio station business by bidding for FM licences advertised by Ofcom over the past few years. However, it succeeded in winning only one licence to launch a station in Plymouth called Diamond FM, which is yet to air.

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