3i Infrastructure to sell stake in Wireless Infrastructure Group By Reuters

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3i Infrastructure to sell stake in Wireless Infrastructure Group

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3i Infrastructure to sell stake in Wireless Infrastructure Group

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(Reuters) - 3i Infrastructure (L:3IN) is selling its 93% stake in Wireless Infrastructure Group (WIG) to Brookfield Infrastructure, two weeks after divesting its British projects portfolio.

The deal values 3i Infrastructure's stake in the British independent wireless infrastructure operator at 387 million pounds ($506.08 million), the British investment firm said in a statement on Thursday, adding that compared to a valuation of 291 million pounds on Sept. 30.

3i Infrastructure is wholly owned by blue-chip private equity firm 3i Group (L:III), while Brookfield Infrastructure is a unit of Canada's Brookfield Asset Management (TO:BAMa).

"We concluded that it is better for shareholders that we sell our interest in WIG at this attractive price and look to recycle the capital into new opportunities," 3i Infrastructure Chairman Richard Laing said in the statement.

Earlier this month, 3i Infrastructure sold its projects portfolio in Britain to a range of buyers for about 194 million pounds, adding that it is also exploring the potential sale of European projects.

The company expects its pro forma cash position to be around 390 million pounds after completing the sales.

Shares in 3i Infrastructure were up 2.1% at 298.5 pence at 1305 GMT.

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Comments (1)

john delaney Dec 19, 2019 16:10

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Didn't know that it was wholly owned by 3i. I thought they had about 30% interest in it.

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3i Infrastructure to sell stake in Wireless Infrastructure Group

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