Saturday 21 July 2018

Arqiva holds fire on IPO plans

It is the latest firm to pull back from an initial public offering and comes on the same day that food supplier Bakkavor pulled the plug on its listing plans.

Arqiva has announced it will postpone its proposed initial public offering
Arqiva has announced it will postpone its proposed initial public offering

By Ravender Sembhy, Press Association City Editor

TV and mobile infrastructure firm Arqiva has “postponed” plans for a £6 billion listing on London Stock Exchange as it bemoaned “market uncertainty”.

It is the latest firm to pull back from an initial public offering (IPO) and comes on the same day that food supplier Bakkavor pulled the plug on its listing.

The group said in a statement: “Arqiva announces today that it will postpone its proposed initial public offering.

“The board and shareholders have decided that pursuing a listing in this period of IPO market uncertainty is not in the interests of the company and its stakeholders, and will revisit the listing once IPO market conditions improve.”

Had it gone ahead, it would have been one of the biggest listings this year.

The news comes after business services provider TMF Group also ditched plans for an IPO in October, opting instead for a sale to private equity firm CVC Capital.

The company, owned by Canada Pension Plan Investment Board and Macquarie, is Britain’s largest owner of mobile, TV and radio towers and works with the likes of BBC, ITV, Channel 4, Channel 5.

Arqiva had hoped to raise £1.5 billion through the initial public offering (IPO) and use the proceeds to pay down debt.

The deal would have given the group a market value of £4.5 billion and £6 billion including debt.

Press Association

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