3i Infrastructure PLC 3i Infrastructure plc to sell its stake in Attero (8763G)
2023年7月24日 - 3:00PM
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RNS Number : 8763G
3i Infrastructure PLC
24 July 2023
24 JUly 2023
3i Infrastructure plc to sell its stake in Attero
3i Infrastructure plc ("3i Infrastructure" or the "Company") is
pleased to announce that it intends to sell its c.25% stake in
Attero, one of the largest waste treatment and recycling companies
in the Netherlands, to Ardian Infrastructure. Ardian Infrastructure
intends to purchase 100% of Attero from 3i Infrastructure and its
co-investors (funds managed by DWS (c.50%), and other funds managed
by 3i Investments plc (c.25%)).
Expected net proceeds from the sale are approximately EUR 215
million, a c.31% uplift from our valuation of EUR 164 million at 31
March 2023. The transaction is conditional on works council
consultation and receiving clearance from the European Commission
under the EU Merger Regulation. Completion is anticipated in Q4
2023. The sale proceeds will be used to partially repay drawings on
the Company's revolving credit facility.
Attero is the leading operator in the Dutch waste treatment and
recycling market. It owns two of the largest and most efficient
energy-from-waste ("EfW") plants in Western Europe, anaerobic
digestion plants for biomethane production, composting facilities,
mineral recycling and depository locations, post-separation
installations and plastic recycling capacity that recycles up to
25,000 tonnes a year of used plastic into high quality
granulates.
Since the Company's investment in 2018, Attero has experienced
substantial growth, including opening a new 120MW turbine in 2018,
capable of producing enough electricity in one hour to power a
household for 25 years; opening a new polymer recycling plant in
2019; and almost doubling its EBITDA.
Attero is well positioned to take advantage of a number of
growth opportunities, including carbon capture for its two EfW
plants, material expansion of its anaerobic digestion business to
capitalise on significant biomethane demand growth as the EU looks
to materially reduce natural gas consumption, and deployment of
solar farms on its closed landfill sites.
Richard Laing, Chair of 3i Infrastructure, commented:
"Attero has been a most successful investment for the Company,
experiencing substantial growth during our investment period.
Whilst 3i Infrastructure aims to hold its investments over the
longer term, we will sell investments where this generates
significant additional value for our shareholders."
Scott Moseley and Bernardo Sottomayor, Managing Partners and
Co-Heads of European Infrastructure, 3i Investments plc, Investment
Manager of the Company, added:
"We are proud of Attero's achievements during our period of
ownership. Our engaged asset management approach, in partnership
with management and our co-investors, enabled Attero to almost
double EBITDA and develop into an attractive, large-scale,
diversified, circular economy business.
Our ability to sell our portfolio companies at a significant
uplift to book value underpins the valuation of our high quality
core-plus infrastructure assets."
-ENDS-
For further information, contact:
Thomas Fodor Tel: +44 20 7975 3469
Investor enquiries Email: thomas.fodor@3i.com
Kathryn van der Kroft Tel: +44 20 7975 3021
Media enquiries Email: kathryn.vanderkroft@3i.com
Notes to editors:
3i Infrastructure plc
3i Infrastructure plc is a Jersey-incorporated, closed-ended
investment company, an approved UK Investment Trust, listed on the
London Stock Exchange and regulated by the Jersey Financial
Services Commission. The Company's purpose is to invest responsibly
in infrastructure, delivering long-term sustainable returns to
shareholders and having a positive influence on its portfolio
companies and their stakeholders.
3i Investments plc, a wholly-owned subsidiary of 3i Group plc,
is authorised and regulated in the UK by the Financial Conduct
Authority and is the investment manager of 3i Infrastructure
plc.
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