Macquarie Communications Infrastructure Group, a specialist fund part-owned by the Australian bank Macquarie, has beaten off competition from private equity groups to win the £1.27bn (€1.8bn) auction for NTL's transmission mast business.

Macquarie Communications led a consortium of seven investors. It is taking a 54% stake in NTL:Broadcast. Macquarie Bank will hold a 13% stake. The remaining 33% will be divided between the consortium, which includes Industry Funds Management and Challenger Financial Services, two Australian financial services groups.