Macquarie Asset Management (MAM) has entered into a agreement to buy an additional 50% stake in the Danish TDF Group from the Danish pension funds PFA, PKA and ATP, the fund manager has announced.

This transaction is via a MAM-led consortium including its managed funds.

No financial details have been disclosed. The investment will result in Macquarie managing 100% of the capital in TDC Group.

TDC Group owns Denmark’s largest MNO TDC which has separated out their service and infrastructure divisions. In 2018, Macquarie and its consortium partners, ATP, PKA and PFA, delisted TDC Group from the Copenhagen Stock Exchange and created two independent businesses with standalone expertise in digital infrastructure – TDC Net that manages the operator’s infrastructure for fixed and mobile networks and Nuuday that manages the service side and customer service delivery.

Nathan Luckey, Head of Digital Infrastructure for EMEA at Macquarie Asset Management, said: “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.We look forward to continuing to deliver on our strategy to accelerate the digitalisation of Denmark as TDC Group invests in its networks and technology to further enhance customer service, and network access, reliability and efficiency”.

The transaction is expected close by the end of 2025, following the satisfaction of customary closing conditions and regulatory approvals.