Amber Infrastructure Group (‘Amber’), the Investment Adviser to International Public Partnerships Limited (‘INPP’ or the ‘Company’), notes that the Company has completed its acquisition of a further equity interest in BeNEX GmbH ('BeNEX').
This follows the announcement made in April 2019 that INPP 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 INPP's acquisition of its initial 49% stake in 2007.
The Amber-lead transaction will see INPP 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.
Further details on the transaction can be found on INPP’s website here.
For further information:
Amber Fund Management Limited
Erica Sibree / Amy Joslin
+44 (0)20 7939 0558 / 0587