INPP Reaches Financial Close on BeNEX Acquisition
INPP reaches financial close on benex acquisition
4 July 2019
International Public Partnerships Limited ('the Company', 'INPP'), the listed infrastructure investment company, notes that it has completed its acquisition of a further equity interest in BeNEX GmbH ('BeNEX').
This follows the announcement made in April 2019 that the Company had entered into a conditional sale and purchase agreement to acquire a further 51% shareholding in BeNEX from Hamburger Hochbahn AG ('HHA'), taking its ownership to 100% following the Company's acquisition of its initial 49% stake in 2007.
The Company re-confirms that it will invest up to approximately €54 million of which part will be invested immediately as additional capital to BeNEX (which will be used primarily to reduce certain debt which was linked to a requirement for HHA to be a continuing shareholder) and the remainder will be used to acquire the additional 51% shareholding. The payment to acquire the shareholding will be deferred over the period to 2026 and is expected to be funded by a return of capital from BeNEX over the same period.
ENDS.
For further information:
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Erica Sibree/Amy Joslin Amber Fund Management Limited
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+44 (0)20 7939 0558/0587 |
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Hugh Jonathan Numis Securities
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+44 (0)20 7260 1263 |
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Ed Berry/Mitch Barltrop FTI Consulting
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+44 (0) 20 3727 1046/1039 |
About International Public Partnerships (INPP):
International Public Partnerships ('INPP') is a listed infrastructure investment company which invests in global public infrastructure projects and businesses, which meets societal and environmental needs, both now, and into the future.
INPP is a responsible, long-term investor in 130 infrastructure projects and businesses, including utility and transport businesses, transmission projects, education, health and other accommodation assets in the UK, Europe, Australia and North America. INPP seeks to provide its shareholders with both a long-term yield and capital growth.
Amber Infrastructure Group ('Amber') is the Investment Adviser to INPP and consists over 120 staff who are responsible for the management of, advice on and origination of infrastructure investments.
Visit the INPP website at www.internationalpublicpartnerships.com for more information.
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