UK mobile masts group Arqiva hires banks for initial public offering, says source: Reuters

Arqiva, a company that runs much of Britain’s TV and mobile infrastructure, has hired four banks for an initial public offering, a source familiar with the matter said on Sunday.

The company, whose biggest shareholders include the Canada Pension Plan Investment Board and Macquarie, has appointed Barclays, Goldman Sachs, HSBC and JP Morgan for the listing, the source said, confirming an earlier report from Sky News.

The banks and Arqiva did not immediately respond to requests for comment.

Arqiva, which carried the BBC’s first TV broadcast in 1936, works with major mobile operators, independent radio groups and leading British broadcasters.

Media reports had suggested the firm could be worth between 5 and 6 billion pounds ($7.57 billion).

The company made an operating profit of 227.5 million pounds in the nine months ending March 31, 2017 and revenue of 701.8 million pounds, according to an unaudited statement. Senior net debt amounted to 2.5 billion pounds at the end of June 2016.

Earlier this year, Rothschild and Bank of America Merrill Lynch were hired to work on a sale, sources said.

One source, who had looked at the asset, estimated an equity value of around 2 billion pounds.