(Alliance News) - FTSE 250-listed 3i Infrastructure PLC said Friday it agreed to pay EUR220 million to buy up to the whole of cold sterilisation firm Ionisos from Ardian Expansion.
3i will buy France-based Ionisos which provides sterilisation services to the medical, pharmaceutical and cosmetic industries.
Completion of the deal is expected to close in September.
"Ionisos represents a great opportunity for 3i Infrastructure to diversify its sector exposure and increase its presence in the French market," 3i Infrastructure Chair Richard Laing said. "It is a resilient business providing essential infrastructure to sectors with attractive long-term fundamentals."
Ionisos Chief Executive Officer Christoph Herkens added: "3i Infrastructure has a strong international team and network which we feel will be of great support as we accelerate our growth through acquisition, organic growth and further development of our business across Europe. Its permanent capital and long-term perspective make it an attractive partner."
Shares in 3i Infrastructure were 0.2% higher at 284.66 pence in London on Friday.
3i Infrastructure (3IN)