(Alliance News) - International Public Partnerships Limited on Friday said it has agreed to buy a further 5% stake in Angel Trains Ltd.
The investment, with a commitment of GBP98 million, is expected to complete later this month. The London-based infrastructure investor's stake in Angel will be the third largest holding in its portfolio.
The acquisition, which grants INPP further governance rights through board representation, was done as part of a consortium including the Public Sector Pension Investment Board of Canada and other investors.
The FTSE 250 company first acquired a stake in Angel in 2008 and branded it a successful investment that delivered capital growth and strong yield.
Angel offers services in the passenger rail through its fleet of around 4,300 vehicles, most of which are electric multiple units.
"We are delighted to have been able to increase our position in Angel Trains," said INPP Chair Mike Gerrard.
"As the UK seeks to deliver its 2050 net zero commitments, in conjunction with our co-shareholders, we welcome the opportunity to further develop this strategically important transportation investment."
Shares in INPP were up 0.2% at 172.67 pence in London on Friday morning trade.
By Josie O'Brien; josieobrien@alliancenews.com
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International Public Partnerships (INPP)