Arqiva auction in doubt after GIC quits process

Arqiva seems likely to drop plans for a $6 million auction of its transmission business in favour of an IPO. The Sunday Times reports the Singapore investment fund GIC has pulled out of the auction leaving Canadian property company Brookfield as the only firm bidder. In July four banks, Barclays, Goldman Sachs, HSBC and JP Morgan, were hired ahead of a possible flotation, as part of a dual track strategy. Arqiva is responsible for the transmission of the majority of Britain