International PPL inches closer to full ownership of BeNEX
By Josh White
Date: Thursday 04 Jul 2019
(Sharecast News) - Infrastructure investment company International Public Partnerships has completed its acquisition of a further equity interest in BeNEX, it announced on Thursday.
The FTSE 250 firm said the finalisation followed its update in April, when it said it had entered into a conditional sale and purchase agreement to acquire a further 51% shareholding in BeNEX from Hamburger Hochbahn (HHA).
That would take its ownership to 100%, following the acquisition of its initial 49% stake in 2007.
"The company re-confirms that it will invest up to approximately €54m, of which part will be invested immediately as additional capital to BeNEX - which will be used primarily to reduce certain debt which was linked to a requirement for HHA to be a continuing shareholder," the International PPL board said in its statement.
"The remainder will be used to acquire the additional 51% shareholding.
"The payment to acquire the shareholding will be deferred over the period to 2026 and is expected to be funded by a return of capital from BeNEX over the same period."
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