March 5 (Reuters) - Investment firm 3i Infrastructure on Thursday agreed to sell its 71% stake in airport equipment firm TCR for 1.14 billion euros ($1.32 billion). 3i Infrastructure, which first
3i Infrastructure to Sell Majority TCR Stake for $1.3 Billion
3i Infrastructure's Strategic Sale of TCR Stake
Deal Overview
March 5 (Reuters) - Investment firm 3i Infrastructure on Thursday agreed to sell its 71% stake in airport equipment firm TCR for 1.14 billion euros ($1.32 billion).
Background and Investment Details
Initial Investment and Value Growth
3i Infrastructure, which first invested in Belgium-based TCR in 2016, said the proceeds are 22% higher than the value as of September 30.
TCR's Market Position
Global Operations
TCR is the world's largest independent lessor of airport ground support equipment with operations at over 230 airports across 20 countries, 3i Infrastructure's website showed.
Use of Sale Proceeds
3i Infrastructure, which was spun off from parent 3i Group and listed in London in 2007, will use the proceeds to repay drawings from its revolving credit facility and fund further investments, it said.
Additional Information
($1 = 0.8621 euros)
(Reporting by Prerna Bedi in Bengaluru; Editing by Mrigank Dhaniwala and Subhranshu Sahu)
