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3i Infrastructure sells Eversholt Rail stake

3i Infrastructure has agreed to sell its entire stake in Eversholt Rail Group, one of the three leading rail rolling stock companies in the UK, to CK Investments, a company jointly owned by Cheung Kong Infrastructure and Cheung Kong (Holdings).

The sale of the investment will generate estimated proceeds of approximately £358 million (subject to completion adjustments and excluding certain transaction costs) for 3i Infrastructure.

In addition to these proceeds, which include £5.9 million of interest receivable, 3i Infrastructure received a distribution of £15.5 million from Eversholt Rail in December. The valuations of Eversholt Rail were £240.8 million at 30 September and £160.3 million at 31 March.

3i Infrastructure acquired its interest in Eversholt Rail in December 2010 as part of a consortium with Morgan Stanley Infrastructure Partners and STAR Capital Partners with its co-investor PGGM.

All of the investors in Eversholt Rail have elected to sell their entire interest in Eversholt Rail to CKI.

The enterprise value of the transaction is approximately £2.5bn. Completion of the transaction remains conditional upon receiving clearance from the European Commission under the EU Merger Regulation and it is anticipated that the transaction will close in March 2015.

Eversholt Rail owns approximately 28% of the current UK passenger train fleet. Its 19 fleets, predominantly weighted towards electric trains, are leased to 11 train operating companies.

Eversholt Rail also owns a fleet of freight locomotives.

At 8:47am: (LON:3IN) 3i Infrastructure Ltd share price was +7.25p at 159.95p

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