(Alliance News) - 3i Infrastructure PLC on Wednesday said it has signed an agreement to offload 17% of its stake in rescue and response vessel company Esvagt to 3i Aura.
3i Aura is a new 3i Investments-managed company. It is funded by three institutional investors.
3i Infrastructure's holding in Esvagt will decrease from 100% to 83%, for total consideration of GBP89.9 million.
3i Infrastructure said that the proceeds obtained will be deployed to repay part of the company's outstanding RCF balance.
Following completion, 3i Investments will continue to manage 100% of Esvagt.
Phil White, managing partner and head of infrastructure at 3i Investments said: "This transaction helps 3i Infrastructure to maintain a balanced portfolio and provides useful additional liquidity. "
Shares in 3i Infrastructure were up 0.1% at 351.99 pence each in London on Wednesday afternoon.
By Sophie Rose; sophierose@alliancenews.com
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