CPPIB bid approved

Macquarie Communications Infrastructure Group (MCG) says the Canada Pension Plan Investment Board's (CPPIB) takeover bid has received the last necessary regulatory approvals.

CPPIB is proposing to take control of MCG for A$2.2 billion.

MCG owns and operates broadcast infrastructure in Australia and the UK including radio and television transmission towers.

MCG said CPPIB had received written consent to the change of ownership control of MCG's Broadcast Australia business from financial backer Ambac Assurance Corporation.

The US Federal Communications Commission (FCC) also has granted the necessary regulatory approvals, it said. The takeover now requires court and shareholder approval.