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NTL flogs broadcast division for £1.27bn

Wants to 'maximise shareholder value'

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NTL has agreed to flog its broadcast division to an Aussie consortium of companies led by Macquarie Communications Infrastructure Group (MCG) for £1.27bn. The deal - which still needs regulatory approval - is expected to be completed by the end of March.

NTL says it's still not sure what it will use the cash for although it could be used for a "special dividend to shareholders and/or stock repurchases, debt repayment and general corporate purposes". Either way, the cableco has assured investors it will us the cash to "maximise shareholder value".

The cableco's broadcast business provides tower site leasing, broadcast transmission, satellite, media, public safety communications and other network services in the UK and the Republic of Ireland. PCustomers include mobile phone operators, TV and radio broadcasters.

Incidentally, NTL and MCG have a bit of history. In 2002, NTL flogged its broadcast business in Australia to MCG. Which is nice. ®

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