Macquarie Asset Management has announced an agreement to acquire an additional 50% stake in TDC Group. This acquisition will be made through a consortium led by Macquarie, which includes its managed funds. The stake is being purchased from PFA, PKA, and ATP.
This transaction will give Macquarie full control over TDC Group's capital. TDC has been a key player in Denmark's telecom market for over 140 years. In 2018, Macquarie and its partners delisted TDC Group from the stock exchange, forming two independent entities: TDC NET and Nuuday. This separation aimed to enhance competition and service quality.
Since then, investments have enabled TDC NET to expand 5G coverage across Denmark and extend fiber networks to underserved areas, reaching approximately 800,000 homes. The consortium has also invested over DKK 1 billion in upgrading Nuuday’s IT systems and improving customer service. Currently, Nuuday’s brands maintain around 5.9 million Danish customer relations.
Nathan Luckey of Macquarie Asset Management stated: “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." He expressed gratitude towards co-shareholders for their partnership over the past seven years.
Macquarie supports ongoing strategies at TDC NET and Nuuday such as completing the fiber rollout to about one million homes, transforming IT systems, implementing Net Zero plans, and phasing out legacy networks.
ATP, PKA, and PFA remarked on the evolution of the digital landscape since their initial investment in 2018. They noted that significant changes have occurred across digital solutions and telecommunication markets which required transformation within TDC as a company.
Macquarie Asset Management has been investing globally in digital infrastructure for over 25 years with more than 30 specific investments worldwide including data centers and network companies. Recent ventures include VIRTUS Data Centres across Europe and Open Fiber in Italy.
The transaction is anticipated to close by the end of 2025 after customary conditions are met along with regulatory approvals.
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