Linklaters advises 3i on the acquisition of assets from the EISER Global Infrastructure Fund

Linklaters has advised 3i Group plc (“3i”), APG and ATP in respect of a portfolio of assets acquired from the EISER Global Infrastructure Fund (“EISER Fund”), including East Surrey Pipelines (“ESP”) and Belfast City Airport (“BCA”).

BCA is the airport closest to the centre of Northern Ireland’s capital and served 2.7 million passengers in 2015. ESP is the second largest independent gas transporter and the third largest independent electricity network operator in the UK. The portfolio also includes a stake in Herambiente, an Italian waste treatment and disposal company, as well as stakes in four concession companies in Spain: two operating shadow toll roads and two operating Madrid bus terminal interchanges.

A new vehicle managed by 3i will have commitments of c. GBP700 million available to fund the initial acquisition and to provide capital for a number of significant follow-on investments across the portfolio. 3i will invest c. GBP36 million in the new vehicle alongside pension fund investors APG and ATP.

This transaction extends 3i’s infrastructure activities and further demonstrates 3i’s ability to structure and execute complex infrastructure transactions for leading institutional investors.

Completion of the transaction is subject to certain conditions, including approval from the European Commission under the EU Merger Regulation.

The Linklaters team was led by Infrastructure partner Stuart Rowson and included Public Law partner Jose Gimenez, Competition partner Nicole Kar and Banking & Projects Counsel Tessa Lee.