Wireless infrastructure developer Arqiva has today announced its intention to reduce their debt and restructure the business by becoming a publicly listed company (i.e. floating on the London Stock Exchange to the tune of £1.5bn).
The group, which recently reported annual revenue of £943.8 million (CAGR of 4.9%) and EBITDA of £467.0 million for the year ended 30th June 2017, provides everything from Satellite links to wireless masts and they’re also involved with some of London’s first 5G based Mobile Broadband technology trials. Not to mention various public WiFi deployments across the United Kingdom.
Mike Parton, Independent Non-Executive Chairman of Arqiva, said:
“I am delighted that Arqiva will become a public listed company. The IPO will enable Arqiva’s leadership team to continue to execute on its proven strategy, whilst pursuing additional growth opportunities through our tower portfolio and investing in next generation 5G and fibre technology and returning significant amounts to shareholders.
Following the IPO, the Group’s balance sheet will be appropriate for an asset rich infrastructure company with long term contracts, blue-chip clients and strong cash flows, providing investment and allowing for significant shareholder returns through a progressive dividend.”
End.
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UPDATE 3rd Nov 2017
Apparently the float has sunk. “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,” said Arqiva.
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