2nd Apr 2019 09:17
LONDON (Alliance News) - International Public Partnerships Ltd said Tuesday it has agreed to acquire the remaining 51% stake in BeNEX GmbH it does not currently own.
Infrastructure investment firm IPP - which currently owns a 49% stake in the train leasing firm, bought in 2007 - will buy the remaining stake from the Hamburg municipal transport firm, Hamburger Hochbahn AG.
IPP will invest EUR54 million into BeNEX of which part will be used to subscribe immediately in additional capital in BeNEX. The remainder will be used to acquire the outstanding 51% share stake.
The payment to buy the outstanding stake will be deferred. It is expected to be paid over a period up to 2026 and is anticipated to be funded by a return of capital from BeNEX over the same period.
At the end of 2018, BeNEX had 86 trains on lease to seven different train operating companies. Six of these train operating firms were either fully or partly owned by BeNEX.
Shares in IPP were 0.4% higher at 155.39 pence on Tuesday.
Related Shares:
International Public Partnerships