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02 Dec 2004
Cable firm NTL today announced that it has entered into a definitive agreement to sell its broadcast business for £1.27bn.
A consortium led by Macquarie Communications Infrastructure Group and other third-party investors will buy the unit, which provides tower site leasing, broadcast transmission, satellite, media, public safety communications and other network services in the UK and Republic of Ireland.
Simon Duffy, chief executive at NTL, said: "This transaction will enable us to focus on continuing to grow our core cable and broadband businesses."
NTL's broadcast business customers include UK mobile wireless operators, all major commercial television and radio broadcasters, and public safety organisations including the police, fire and ambulance services.
The cable firm is now evaluating what to do with the funds generated from the sale. Options include a special dividend to shareholders and/or stock repurchases, debt repayment and general corporate purposes.
The sale is subject to regulatory approval and is expected to close in the first quarter of 2005.
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