OFT orders review of Macquarie deal

The Competition Commission could block Australian bank Macquarie's acquisition of National Grid Wireless following the Office of Fair Trading's ruling that the deal should be reviewed.

In its report, the OFT said: "The merger of the only two terrestrial broadcast transmission companies in the UK would result in a substantial lessening of competition in broadcast transmission services."

Macquarie, which paid £2.5bn for National Grid Wireless, also runs subsidiary Arqiva, which provides transmission for broadcast and mobile communications.

Macquarie hoped to avoid the stumbling block by offering a package of remedies.

However, the OFT, which last week approved Macquarie's purchase of Airwave Solutions, "could not be satisfied" that the plans met regulation requirements.

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