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FRANKFURT, Nov 5 (Reuters) - Private equity investor 3i has bought out the co-owner of its ferry groupScandlines and finalised refinancing of existing debtfacilities.
3i bought Allianz Capital Partners' (ACP) 49 percent stakefor 165 million euros ($223 million). The closing of thetransaction is expected to take place before the year end, 3isaid in a statement on Tuesday.
After 3i and ACP cancelled an auction for the whole companyearlier this year, 3i in September offered to take completecontrol of Scandlines in a deal valuing it at 1.35 billioneuros, including debt.
3i benefited from the fact that the only potential buyer,private equity investor TPG, had offered no more than1.3 billion euros.
3i was able to scoop up the whole asset at a valuation whichit hopes will allow it to sell for considerably more money in afew years, a person familiar with the investor said.
3i and ACP bought Scandlines for 1.5 billion euros at thepeak of the buyout boom in 2007, backed with 1.28 billion eurosof debt. Another minority investor in the deal was bought out in2010.
