Arqiva, the UK broadcast transmission and cellular mast operator, is reportedly planning to lay off about a third of its employees according to a report in the Daily Telegraph.
The report says the company, which is in the end-stages of selling its cellular mast division, is planning a radical restructuring that would see more than 500 staff made redundant.
Arqiva itself is owned by a consortium led by PSP Investments and the Canada Pension Plan Investment Board (48 per cent) along with Australian fund manager and 25 per cent by investment bank Macquarie (via its Macquarie European Infrastructure Fund). However, a £2 billion sale of Arqiva’s cellular towers business to Spain’s Cellnex Telecom has been passed by the UK’s Competition & Markets Authority in April.
The sale to Cellnex is expected to close during this quarter.
Recently, Arqiva appointed a new CEO in Paul Donovan, an existing board member, and who took over on June 30th.
Arqiva retains its important broadcast TV and radio division, along with media playout, satellite teleports and uplinking and asset management businesses.