3i Infrastructure plc completes the sale of its stake in Elenia
28 February 2018
3i Infrastructure plc ("3i Infrastructure" or the "Company") has completed the sale of its stake in Elenia, following satisfaction of the relevant EU Merger Regulation condition. Elenia is the owner and operator of the second largest electricity distribution business in Finland and a complementary district heating business. The acquirer is a consortium comprising Allianz Capital Partners on behalf of the Allianz Group, Macquarie Infrastructure and Real Assets and Valtion Eläkerahasto, the State Pension Fund of Finland. The transaction was announced on 13 December 2017.
The Company has repaid all cash drawn from its Revolving Credit Facility ("RCF"), with £51 million of letters of credit remaining drawn, and has cancelled the temporary accordion facility. We expect that the Company's cash balance will be below £300 million after payment of the special dividend of £425 million announced on 21 February 2018, expenses and payment of a final dividend for the financial year. Together with the undrawn balance of the RCF of £249 million, the Company has good liquidity available for future investment.
For further information, contact:
Richard Laing |
Chairman, 3i Infrastructure plc |
+44 1534 847 410 |
Thomas Fodor |
Investor enquiries |
+44 20 7975 3469 |
Kathryn van der Kroft |
Media enquiries |
+44 20 7975 3021 |
Notes to editors:
About 3i Infrastructure plc
3i Infrastructure plc is a Jersey-incorporated, closed-ended investment company, listed on the London Stock Exchange and regulated by the Jersey Financial Services Commission. The Company is a long-term investor in infrastructure businesses and assets. The Company's market focus is on economic infrastructure and greenfield projects in developed economies, principally in Europe, investing in operating businesses and projects which generate long-term yield and capital growth.
3i Investments plc, a wholly-owned subsidiary of 3i Group plc, is authorised and regulated in the UK by the Financial Conduct Authority and acts as Investment Adviser to 3i Infrastructure plc.
