TDC has accepted the offer after rebuffing a previous approach. Danish firm Kromann Reumert is acting as TDC’s adviser on the transaction.
London corporate partner Tim Sheddick led on the deal for Bakers.
The US firm brought Macquarie to London as a client at the turn of the century when Sydney-listed Macquarie Infrastructure Fund acquired Grupo Ferrovial subsidiary Cintra Concesiones de Infraestructuras de Transporte for €816m (£704m).
The fund came to Bakers when it was introduced to the London team by the Australian operation, which had been acting for it out of Sydney. It pitched successfully for the deal against a number of competitors including A&O, with Freshfields winning the role on the other side.
The relevant Bakers partner at the time was Timothy Gee, who later passed on the account to Sheddick, who was seconded to Macquarie Capital Funds for five months.
Clifford Chance also has a longstanding relationship with Macquarie, with partners Brendan Moylan and Amy Mahon its usual contacts.
This news comes amid the publication of the firm’s latest accounts this week – the firm’s highest-earning partner saw earnings fall 10 per cent from £940,000 to £846,000 during the last financial year.