An Australian investment fund has snapped up NTL's communication masts and towers in the UK.

US-owned NTL, Britain's largest cable company, has agreed to sell its antenna business to Sydney-based Macquarie Communications Infrastructure Group for £1.27 billion (A$3.16bn, US$2.45bn, €1.84bn).

Subject to regulatory approval, NTL will sign over access to more than 3,000 transmision sites across the UK providing coverage to 99% of the population. It wants instead to focus on its core internet, telephony and cable TV services.

Says Macquarie ceo Scott Davies: "The business is well placed for future growth from digital switchover, new 3G networks, technology upgrades and broader service offerings."

The fund has been looking to make an acquisition since buying its seed business, television towers group Broadcast Australia from NTL two years ago.

Data sourced from Financial Times Online; additional content by WARC staff