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NTL Broadcast sale of interest in SDN Ltd |
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27 April 2005 Macquarie Communications Infrastructure Group (MCG) today advised that Macquarie UK Broadcast Holdings Ltd (MUKBHL), the investment vehicle representing the MCG-led consortium which acquired NTL Broadcast in December 2004, has agreed to sell its 33.5% stake in the SDN Ltd joint venture (SDN) to the other two SDN shareholders for £41.5 million (approximately A$101.7 million1). Since 1998 SDN has been the licensee for one of the six digital television transmission (DTT) multiplexes being broadcast in the UK, with the license carrying an initial 12-year term. SDN, as a multiplex operator, enables broadcasters to transmit programming via a network of 80 sites. Transmission services are provided to SDN through a contract with NTL Broadcast which runs until 2010. The sale of MUKBHL’s stake in SDN to its joint venture partners, United Business Media Digital Networks (33%) and S4C (33.5%), was prompted by the completion of the NTL Broadcast acquisition on 31 January 2005. The completion of the acquisition triggered change of ownership provisions and a pre-emptive right process under the SDN Articles of Association, through which MUKBHL nominated the price at which a sale may take place. The joint venture partners accepted the price and settlement occurred in London on Tuesday 26 April 2005. Following the sale, NTL Broadcast will continue to be the transmission services provider to SDN and work closely with them to deliver quality transmission services as well as to progress the rollout of DTT and other spectrum capacity initiatives. Proceeds of the sale of SDN will be used for re-investment by NTL Broadcast or for debt reduction. MCG’s forecast distribution guidance for FY05 and FY06 remains unchanged however the SDN sale is expected to result in a marginal increase in the overall returns from the NTL Broadcast acquisition in the long term. 1 As at announcement date:[£1 = $2.45]For further information, please contact:
Richard Nelson
Media Enquiries |
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