How high?

For evidence that it’s a great time to be selling infrastructure assets, look no further than the £2.5bn sale of National Grid Wireless. The United Kingdom broadcast and mobile phone mast operator went for a staggering 19 times last year’s ebitda. A similar business, France’s TDF, went for about 11 times ebitda only last year. NGW’s buyer was its only domestic rival, Arqiva, which is 44% -owned by an infrastructure fund managed by Macquarie Bank. The Australian investor has been at the forefron...