3i Infrastructure plc (3IN.L) Friday said it has signed an agreement to invest approximately 200 million euros, subject to completion adjustments, in TCR, in a consortium with Deutsche Asset Management.
Belgium-based TCR is an asset owner of airport ground support equipment and operates at approximately 100 airports.
Completion of the transaction is conditional upon receiving clearance from the European Commission under the EU Merger Regulation which is anticipated by the end of August 2016.
3i Infrastructure and Deutsche AM's infrastructure investment business will each acquire economic interests in TCR of up to 50% with the remaining equity being retained by the existing management team.
3i Infrastructure and Deutsche AM are purchasing their interests from the current owners, Chequers Capital and Florac.
Separately, 3i Infrastructure announced that it has committed to invest approximately 5 million euros to acquire a significant majority stake in Coeur du Sud B.V., a Special Purpose Vehicle created for the Hart van Zuid primary Public Private Partnership project in Rotterdam, the Netherlands, which has today reached financial close. The other shareholders are entities of the Heijmans and Ballast Nedam groups.
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