Allen & Overy has won the key role advising on phonemast company Arqiva’s £6bn dual-track process that could either see the company sold or floated on the London Stock Exchange.

Arqiva operates more than 8,000 phone masts around the UK, in addition to owning terrestrial television and radio broadcasting infrastructure. In 2016, it had revenue of £884.7m and an operating profit of £271.1m.