Asset Divestment

15 Dec 2008 17:07



3i Infrastructure plc ("the Company") has agreed to sell its 31.17% interest in Infrastructure Investors LP ("I²") to BIIF Bidco Limited for a total consideration of £166.7 million (net of costs). Of the consideration approximately £138 million will be received as cash with the balance in unsecured loan notes.

This represents an uplift of £47.8 million over cost of £118.9 million and a £16.2 million uplift over the asset valuation in the Company's most recently published half-yearly results to 30 September 2008.

The other investors in I² (including Société Générale and funds managed by Fleming Family & Partners) have also agreed to sell their interests to BIIF Bidco Limited. Completion is subject to receipt of certain procedural confirmations from the UK Financial Services Authority and the unconditional availability of the committed senior debt financing on the date of final closing, which is expected to be in early January 2009. 

15 December 2008