Macquarie acquires O2 Airwave for £1.9bn

Barely a few weeks have passed by since Australian bank Macquarie shelled out £2.5 billion to buy National Grid Wireless and the company has already made another purchase, this time snapping up O2 Airwave for just under £2 billion.

Guardian Digital Communications, which is wholly-owned by Macquarie-managed funds Macquarie Communications Infrastructure Group (MCG) and Macquarie European Investment Fund II (MEIF II), will now take over the running of the service which provides a communications network for the UK's emergency services.

"Through this acquisition we have gained value-accretive exposure to a business with a custom-built, highly secure public safety network providing national coverage unrivalled by any other mobile operator in Britain," said Scott Davies, chief executive of MCG.

"Airwave complements and leverages our existing global experience in the provision of critical communications infrastructure services and expands and diversifies our leadership in British wireless communications infrastructure."

In a statement providing limited details about the acquisition, but seeking to reassure customers that they won't be adversely impacted by the acquisition, O2 Airwave said: "Airwave believes this transaction is in the best interests of customers, employees and the business. Airwave's customers will see business as usual, with no change in service and Airwave will continue to focus on delivering our promises to customers.

"The management team will remain in place, with Peter Richardson continuing as Chairman and Richard Bobbett as CEO."

However, shortly after news of the acquisition broke, Macquarie was condemned by the Communications Workers Union (CWU) for what it has referred to as a 'pensions fiasco.'

"There can be no doubt that the unions were misled over this issue and that a deliberate attempt was made to delay serious discussion until the sale was complete. This is completely unacceptable," said the CWU's deputy general secretary Jeannie Drake.

"The union acted in good faith throughout the negotiations and the decision may well lead to a dispute with Airwave. The outrageous and disrespectful manner in which this has been handled will enrage workers and generate real concerns over the new owners of their company."

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