3i Group Plc (III.L) announced that it has made an irrevocable offer to British lender Barclays Plc (BCS, BARC.L), to acquire its Barclays Infrastructure Funds Management Ltd., or BIFM.
BIFM is Barclays' European infrastructure fund management business. BIFM has assets under management of about 780 million pounds and an investment team based in London and Paris. According to the company, BIFM was one of the first movers in public private partnership, or PPP infrastructure market, raising its first fund in 1996.
3i is an investor, focused on mid-market private equity, infrastructure and debt management across Europe, Asia and the Americas.
The proposed transaction is subject to completion of an employee information and consultation process, as well as other regulatory conditions. The firm said the acquisition would not affect 3i's existing advisory agreement with 3i Infrastructure Plc.
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