In its report, the OFT said: "The merger of the only two terrestrial broadcast transmission companies in the UK would result in a substantial lessening of competition in broadcast transmission services."
Macquarie, which paid £2.5bn for National Grid Wireless, also runs subsidiary Arqiva, which provides transmission for broadcast and mobile communications.
Macquarie hoped to avoid the stumbling block by offering a package of remedies.
However, the OFT, which last week approved Macquarie's purchase of Airwave Solutions, "could not be satisfied" that the plans met regulation requirements.