Macquarie to Acquire 100% of Denmark’s Largest Telco TDC
Macquarie Asset Management has announced a landmark agreement to acquire the remaining 50% stake in Denmark’s largest telecommunications company, TDC Group, from Danish pension funds ATP, PFA and PKA.
The strategic move, executed through a Macquarie-led consortium including its managed funds, will see Macquarie manage 100% of the capital in TDC Group by the end of 2025, subject to customary closing conditions and regulatory approvals.
A transformational partnership since 2018
The TDC Group, a stalwart of Denmark’s telecoms sector for more than 140 years, has undergone significant transformation since 2018. That year, Macquarie and its consortium partners delisted TDC Group from the Danish stock exchange, establishing two independent businesses: TDC NET, which specialises in digital infrastructure and Nuuday, which focuses on premium customer service delivery.
“In 2018, Macquarie and then consortium partners, ATP, PKA and PFA, delisted TDC Group from the country’s stock exchange, creating two independent businesses with standalone expertise in digital infrastructure (via TDC NET) and premium customer service delivery (via Nuuday)”.
The separation fostered an open-access model, enhancing competition, quality and consumer choice across Denmark’s telecoms landscape.
Accelerating digital infrastructure and customer service
Since the restructuring, substantial investment has enabled TDC NET to lead Denmark’s rapid 5G deployment, now covering 99% of the country and to extend fibre connectivity to previously underserved areas, with approximately 800,000 homes passed to date.
Nuuday, meanwhile, has benefited from more than US$143m in investment to migrate IT systems to advanced cloud-based solutions, resulting in marked improvements in customer service and satisfaction. Today, Nuuday’s brands maintain around 5.9 million Danish customers.
Nathan Luckey, Head of Digital Infrastructure for EMEA at Macquarie Asset Management, highlighted the strategic importance of this investment, stating, “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 would like to thank our co-shareholders for their partnership over the last seven years and we are excited to further increase our stake to full ownership of TDC Group.
"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”.
Supporting existing strategies and future growth
Macquarie Asset Management has reaffirmed its commitment to the ongoing strategies of TDC NET and Nuuday. Key priorities include completing the fibre rollout to approximately one million homes, further IT and security transformation investments, implementing Net Zero plans and switching off legacy networks.
By design, the initiatives position TDC Group at the forefront of Denmark’s digital future.
A new chapter for TDC Group
As the Danish pension funds exit, they reflect positively on the evolution of TDC Group during their tenure. In a joint statement, ATP, PKA and PFA commented: “Since we first invested in TDC in 2018, the digital landscape has significantly changed, from available digital solutions to mobile telephony and even the TV and streaming market. This has required a transformation of TDC as a company.
"Together with our co-shareholder Macquarie we have made a number of investments to support this evolution of the business. TDC has now entered a new chapter, as we pass the reins to Macquarie to lead the journey forward in the years to come”.
The transaction is expected to reach financial close by the end of 2025, pending regulatory approvals. Macquarie’s full ownership aims to reinforce TDC Group’s role as a key enabler of Denmark’s digital transformation, with a continuing focus on robust infrastructure, innovation and customer-centric service delivery.
For the telecommunications industry, the development signals a renewed commitment to investing in next-generation networks and digital services, underpinning Denmark’s position as a leader in connectivity and digitalisation.
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