Macquarie International Infrastructure Fund (MIIF) is to sell its 8.7% stake in UK infrastructure firm Arqiva.
Three infrastructure investors that are existing shareholders in Arqiva will acquire the stake for £116.5m.
Macquarie said that the deal was…
Macquarie International Infrastructure Fund (MIIF) is to sell its 8.7% stake in UK infrastructure firm Arqiva.
Three infrastructure investors that are existing shareholders in Arqiva will acquire the stake for £116.5m.
Macquarie said that the deal was ‘negotiated on an arm’s length commercial basis’ and should be completed in May 2010 following a Special General Meeting.
“Following the sale of MIIF’s interest in Arqiva, its portfolio will comprise entirely of direct investments in Asia. This will be a significant milestone for MIIF,” said John Stuart, CEO of MIMAL, MIIF’s manager.
“Importantly, the proposed sale is at a significant premium to the value implied by MIIF’s prevailing share price,” added Stuart.
MIIF will now look to identify attractive acquisition investment opportunities in Asia and would also consider a share buy-back or special dividend given its strong cash balance.