NTL today announced yesterday that it has signed an agreement with Macquarie Bank to sell its Australian broadcast business for A$850 million in an all cash transaction.
NTL Australia covers 98% of the terrestrial broadcast population in Australia from 578 sites located across the country. For the year ended December 31, 2001, NTL AustraliaÂ’s revenues were approximately A$119 million generating EBITDA of approximately A$52 million.
NTL CEO Barclay Knapp commented: “We are extremely pleased with the transaction that we have agreed today with Macquarie Bank. The strong level of interest shown throughout the competitive sale process endorses the quality of NTL Australia; a franchise which has consistently performed above our expectations. However, given the focus on our core businesses in Europe and the principle of maximising stakeholder value, we believe that today’s transaction allows us to achieve both objectives. We are also confident that Macquarie Bank will build on our achievements and continue the seamless roll-out of digital technology in Australia.”
