3rd Dec 2021 15:50
(Alliance News) - 3i Infrastructure PLC announced on Friday that it will acquire the remaining stake in rescue and response vessel company Esvagt it does not own from co-investor AMP Capital for GBP268 million.
Completion of the deal is subject to certain third party consents and is expected to be completed in the first quarter of 2022.
At the end of September, the Jersey-based investment vehicle said that a strategic review of its 50% holding in Esvagt was in progress and that offers had been invited. Binding offers for 100% of the equity were received but were not considered a "compelling price" for 3i Infrastructure, and so the company elected to buy AMP Capital's stake.
3i Infrastructure and AMP Capital first acquired Esvagt in 2015 and had since supported the company's shift in strategic focus towards service operation vessels and its move to becoming a key enabler of offshore wind operations in Europe.
Chair Richard Laing commented: "Esvagt's transition into a market leader in European offshore wind has been a major achievement. We believe that it is well-placed to benefit from continuing attractive growth prospects in the wind sector and we are delighted to be acquiring 100% of the business."
Shares in 3i Infrastructure were down 0.2% at 342.92 pence on Friday in London.
By Heather Rydings; [email protected]
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