EISER announces that it has agreed to a binding bid on a portfolio sale of assets to 3i
London, 22 December 2016
EISER Finance Limited (“EISER”) announces that it has agreed on a portfolio sale of assets to 3i funds managed by 3i Investments plc (“3i”) from the EISER Global Infrastructure Fund (“EGIF”).
The portfolio sale includes all of EGIF’s UK assets, comprising Belfast City Airport and ESP Utilities Group Ltd. (“ESP”). Under EISER’s management, ESP grew into the second largest independent gas transporter and the third largest independent electricity network operator in the UK.
The portfolio sale also includes EGIF’s holding in the Italian waste treatment and disposal company, HERAmbiente, as well as certain of its Spanish assets, including EGIF’s four transportation concession companies that it co-owns with Sacyr, being two operating shadow toll roads and two operating Madrid bus terminal interchanges. EGIF will maintain its holding in three thermal solar power plants in Spain, ASTE/ASTEXOL, which combined operate 150 Megawatts of energy production.
As part of the agreed portfolio transaction and subject to minimum and maximum take up, EISER’s existing investors in EGIF will be offered the opportunity to choose to remain invested in the assets through a right to reinvest into a new fund specifically set up by 3i to manage these assets.
For EISER the transaction creates positive options for its investors in EGIF, either to realise liquidity from the portfolio sale, as EGIF is nearing the end of its fund life, or to choose to remain invested in the diversified assets for the longer term through the new 3i managed fund structure.
EISER will work with 3i towards an expected financial completion of the transaction in Q1 2017, as the transaction is subject to certain conditions, including approval from the European Commission under the EU Merger Regulation.
The portfolio sale follows EISER’s successful sale earlier this year of Società Gasdotti Italia S.p.A., an Italian company which owns and operates an integrated network of high pressure natural gas pipelines, to Macquarie Infrastructure and Swiss Life Asset Managers.
About 3i Group
3i is a leading international investment manager focused on mid-market Private Equity and Infrastructure. Its core investment markets are northern Europe and North America.