3i Infrastructure to sell Cross-London trains – 3i Infrastructure has agreed to sell its 33.3% stake in Cross London Trains, a company established to procure and lease the rolling stock for use on the Thameslink passenger rail franchise. The acquirer is a consortium of Dalmore and Equitix funds.
The sale is conditional on certain third party consents. Estimated proceeds for 3i Infrastructure are approximately GBP333 million. This compares to a valuation of GBP271 million at 30 September 2018. In addition, 3i Infrastructure received a GBP12 million distribution in January 2019.
Adjusting for the estimated proceeds from this realisation, the pro-forma September 2018 NAV is estimated to have increased to 229.3 pence per share, after payment of the interim dividend.
Completion of the deal is expected prior to the company’s year end.
Richard Laing, chairman of 3i Infrastructure, commented, “XLT has proved a very good investment for the Company, generating significant value for our shareholders. Having supported the project through design, manufacturing and delivery, we believe that now is an appropriate time for the Company to realise its stake.”
Phil White, managing partner and head of infrastructure at 3i Investments plc and the company’s investment manager said: “XLT is another successful investment for 3i Infrastructure. In partnership with our co-shareholders, our involvement since the start of the procurement programme in 2008 has helped to deliver, on time and on budget, a key element of London’s commuter rail infrastructure.”
3IN : 3i Infrastructure to sell Cross-London trains