(Alliance News) - 3i Infrastructure PLC on Monday said it plans to sell its 25% stake in Attero, in a deal worth EUR215 million.
The Jersey-based infrastructure investment trust said Ardian Infrastructure intends to purchase 100% of Attero from 3i Infrastructure and its co-investors. 3i holds a 25% stake, whilst DWS Group holds about a 50% stake.
Attero is a waste management firm, which is located in the Netherlands.
"It owns two of the largest and most efficient energy-from-waste plants in western Europe, anaerobic digestion plants for biomethane production, composting facilities, mineral recycling and depository locations, post-separation installations and plastic recycling capacity that recycles up to 25,000 tonnes a year of used plastic into high quality granulates," 3i said.
It expects net proceeds from the sale to be about EUR215 million, about a 31% uplift from 3i's valuation of EUR164 million at March 31.
The transaction is conditional on works council consultation and receiving clearance from the European Commission under the EU merger regulation. Completion is expected to be in final quarter of 2023.
3i noted that the sale proceeds will be used to partially repay drawings on the company's revolving credit facility.
Chair Richard Laing said: "Attero has been a most successful investment for the company, experiencing substantial growth during our investment period. Whilst 3i Infrastructure aims to hold its investments over the longer term, we will sell investments where this generates significant additional value for our shareholders."
Shares in 3i were up 2.0% to 318.14 pence each in London on Monday morning.
By Sophie Rose, Alliance News reporter
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3i Infrastructure (3IN)