Macquarie Asset Management has announced that it has entered into an agreement to acquire, via a MAM-led consortium (including its managed funds), an additional 50 per cent stake in TDC Group from PFA, PKA and ATP.
This investment will result in Macquarie managing 100 per cent of the capital in TDC Group.
TDC has been operating at the helm of Denmark's telecoms market for over 140 years. In 2018, Macquarie and its consortium partners, ATP, PKA and PFA, delisted TDC Group from the country's stock exchange, creating two independent businesses with standalone expertise in digital infrastructure (via TDC NET) and premium customer service delivery (via Nuuday). The separation has created an open-access model, and has improved competition, quality and choice for consumers.
Since then, additional investment has enabled TDC NET to lead the rapid deployment of 5G to cover 99 per cent of Denmark, and roll out fibre into the areas of the country that were not covered by other fibre networks, with around 800,000 homes passed to date. The consortium has also supported over DKK 1 billion investment to support Nuuday to migrate its IT systems to the latest cloud-based solutions, and materially improved customer service and satisfaction. Today Nuuday's brands have approximately 5.9 million Danish customer relations.
Nathan Luckey, Head of Digital Infrastructure for EMEA at Macquarie Asset Management, said: "Digital infrastructure and services play a critical role in improving connectivity, driving economic growth and competitiveness and TDC Group has been at the forefront of delivering this in Denmark. We would like to thank our co-shareholders for their partnership over the last seven years, and we are excited to further increase our stake to full ownership of TDC Group. We look forward to continuing to deliver on our strategy to accelerate the digitalisation of Denmark as TDC Group invests in its networks and technology to further enhance customer service, and network access, reliability and efficiency".
Macquarie Asset Management supports the existing strategies of TDC NET and Nuuday, including the completion of the fibre rollout to around one million homes, the continued investment in the transformation of IT and security, the implementation of the Net Zero plans and the switch-off of legacy networks.
ATP, PKA and PFA, said: "Since we first invested in TDC in 2018, the digital landscape has significantly changed, from available digital solutions to mobile telephony, and even the TV and streaming market. This has required a transformation of TDC as a company. Together with our co-shareholder Macquarie we have made a number of investments to support this evolution of the business. TDC has now entered a new chapter, as we pass the reins to Macquarie to lead the journey forward in the years to come."
Macquarie Asset Management has a global digital infrastructure footprint and has been investing in the sector for more than 25 years with over 30 specific investments globally across data centres, towers, public safety networks, and wireline network companies. Recent investments by the team include, VIRTUS Data Centres across Europe, Open Fiber in Italy, and INEA in the UK.
The transaction is expected to reach financial close by the end of 2025, following the satisfaction of customary closing conditions and regulatory approvals.
