In November 2004, IFM acquired a stake in NTL Broadcast, a leading owner and operator of broadcast and wireless communications infrastructure in the UK. The business was renamed Arqiva post acquisition. In April 2007, Arqiva acquired National Grid Wireless, making it the largest independent telecommunications infrastructure provider in the UK. The acquisition received approval from the Competition Commission in September 2008.

Current business lines include transmission of all UK terrestrial TV services and most radio stations, international satellite and fibre infrastructure for media organisations, and wireless sites for UK mobile operators. Arqiva's customers include the cellular operators (Vodafone, O2, Orange, et al), television networks (BBC, ITV, Channel 4, BSkyB), radio broadcasters, and public safety organisations such as the police, fire and ambulance services.

Arqiva's customer base comprises over 800 organisations with a significant portion under long-term contracts. Arqiva's activities fall under the UK telecommunications regulator (OfCom) which presides over a mature regulatory framework that provides a balance between end users and incentives for service providers - an important consideration for IFM.

 www.arqiva.com/

In May 2005, IFM acquired its second asset in the UK by taking a stake in Wales & West Utilities ("WWU"). WWU is one of eight regional gas monopolies servicing Great Britain and its business comprises approximately 34,000 kilometres (21,126 miles) of gas distribution pipelines. WWU's catchment area has a population of 7.4 million. As well as providing the infrastructure to transport gas through its gas mains and service pipes throughout Wales and the South West of England, WWU operates its own gas connections business, introducing around 24,000 new domestic and industrial customers to the network every year.

www.wwutilities.co.uk

In November 2010, IFM completed its acquisition of a 40% stake in Dalkia Polska from Dalkia International, the joint energy services division of Veolia Environnement and EDF (Electricite de France). Dalkia Polska has established a strong presence in the production and supply of heat and energy services and has become one of the leading participants in combined heat and power plants with a presence in forty towns and cities across Poland. The acquisition of SPEC, the District Heating Network of the City of Warsaw, in October 2011 also positions Dalkia Polska as the leader in the District Heating market, with 3,381 kilometres of heating networks, and supply of heat to 2.8 million residents through SPEC, as well as its other key subsidiaries Dalkia Łódź, Dalkia Poznan and Dalkia Term. Prior to its investment in Dalkia Polska, IFM held a 40.6% stake in Dalkia Łódź which it first acquired in 2006.

Through its investment in Dalkia Polska, IFM gains exposure to the largest private portfolio of district heating networks in Poland, and provides it with a platform for continued investment in this high growth Eastern European market economy. 

www.dalkia.pl/dalkia 

In July 2006, IFM and a consortium of institutional investors entered into a merger agreement with Duquesne Light Holdings Inc ("Duquesne"). Duquesne, based in Pittsburgh, Pennsylvania, engages in the supply, transmission and distribution of electricity. The majority of the company's earnings are sourced from its regulated transmission and distribution utility that provides service to approximately 587,000 direct customers in Southwestern Pennsylvania, a territory of approximately 1287 square kilometres (800 square miles).

Since the acquisition, Duquesne has exited non-core unregulated businesses involved in synthetic fuels and landfill gas operations.
Duquesne is one of a handful of privately-owned electric utilities in the US. 

www.duquesnelight.com

In October 2006, IFM was a lead investor in a take-private offer that targeted the UK listed company, AWG plc ("AWG"). The principal business of AWG is Anglian Water Services Limited ("Anglian"), a regulated water and wastewater company. Anglian Water is the largest water and wastewater company in England and Wales, covering 27,500 square kilometres, representing 18 per cent of the area of England and Wales. Anglian Water provides water and wastewater services to more than five million domestic and commercial customers in the east of England and Hartlepool.

www.anglianwater.co.uk

In February 2007 IFM acquired a stake in Colonial Pipeline to be invested alongside Colonial shareholders Koch Industries, Chevron Corporation, ConocoPhillips, and Royal Dutch Shell. Colonial Pipeline is the largest refined petroleum products pipeline in the US with an emphasis on the US east coast. The company operates 8,851 kilometres (5,500 miles) of large diameter pipes and transports 2.3 million barrels per day (approximately 15% of total US refined product consumption).

Approximately half of Colonial's transportation volumes consist of gasoline while distillate fuel represents the remaining half. The pipeline has the ability to transport 49 different grades of refined product and almost all of Colonial's revenues are based on regulated indexed tariff growth rates.

www.colpipe.com

In June 2008, North American Energy Alliance ("NAEA") finalized the two-stage purchase from Consolidated Edison Inc. ("Con Edison") of a portfolio of gas-fired and hydro electricity generating plants in the North East United States. The Con Edison portfolio comprises six power stations and eight smaller projects with an aggregate capacity of 1,706 MW. All of the power stations are located in the North-Eastern US power market (New Hampshire, Massachusetts, New Jersey and Maryland).

The portfolio's modern gas-fired assets are located in the ISO-New England and the Pennsylvania-New Jersey-Maryland (PJM) competitive wholesale electricity markets, both of which are highly structured markets that allow market participants to receive revenues from energy and capacity sales. NAEA's revenues are a combination of tolling and power purchase agreements, financial hedges and the ability to sell capacity three years in advance.

www.naeallc.com

In March 2010, IFM, in partnership with Belgium's Elia System Operator, acquired the regulated German transmission system operator, 50Hertz Transmission GmbH ("50Hertz"), from Vattenfall Europe.

50Hertz, a company employing around 600 people, is one of the four transmission system operators in Germany and is responsible for the operation, maintenance, planning, and expansion of the electric transmission grid throughout the German Federal States of Thuringia, Saxony, Saxony-Anhalt, Brandenburg, Berlin, Mecklenburg-Western Pomerania, and Hamburg. Totalling approximately 109,000 km², the transmission grid is the technical backbone that reliably supplies power to more than 18 million people and companies contributing approximately 20% of Germany's gross domestic product. Due to the central location of its transmission grid, 50Hertz plays a key role in the European power market, interconnecting the power networks of Denmark, Poland, and the Czech Republic with that of Germany and links Scandinavia with continental Europe. As part of its activities, 50Hertz is responsible for maintaining reliable electric supply, balancing supply and demand in its control area, and integrating all available renewable energy sources into its grid. 50Hertz also serves as a market facilitator in the development of a sustainable and integrated European electricity market.

www.50hertz-transmission.net