International Public Partnerships Limited (the 'Company', 'INPP'), the listed infrastructure investment company, announces that as part of a consortium including the Public Sector Pension Investment Board of Canada and other investors, it has agreed to acquire a further c.5% shareholding in Angel Trains ('Angel') from AMP Capital and associated investors.
The acquisition, leveraging INPP’s existing shareholding position, will increase the Company’s shareholding and provide it with further governance rights through direct board representation. The current valuation of the Angel business is in excess of that implied by INPP’s 30 June 2021 carrying value and following completion of the transaction, which is expected to occur later in September 2021 with an investment commitment of c.£98 million, the Company’s investment in Angel will be the third largest holding in its portfolio.
Since making its original acquisition in 2008, Angel has been a successful investment for INPP, delivering both capital growth and strong yield. Angel is the largest rolling stock company in the UK, serving the passenger rail sector with a diversified fleet of c.4,300 vehicles, the majority of which are electric multiple units. Angel’s business plan fully supports the decarbonisation of the UK transport system. Over its life, Angel has invested over £5 billion in rolling stock.
Angel’s current investment programme includes elements designed to enhance the capabilities of its fleets by developing solutions that incorporate the latest technology.
In addition to Angel’s ESG credentials, key investment features include:
- A core infrastructure asset, supporting and benefiting the long-term trends towards modal shift and transportation net zero targets
- A large, diversified asset base supporting adaptability to market conditions and requirements
- Experienced management team with strong track record of delivering high quality rolling stock and ancillary services to the UK railway sector
- Enhanced governance rights with board representation and voting rights.
Mike Gerrard, Chair, International Public Partnerships said, “We are delighted to have been able to increase our position in Angel Trains. As the UK seeks to deliver its 2050 net zero commitments, in conjunction with our co-shareholders, we welcome the opportunity to further develop this strategically important transportation investment.”For further information:
|Erica Sibree/Amy Edwards
T:+44 (0)20 7939 0558/0587
Amber Fund Management Limited
T: +44 (0)20 7260 1263
|Ed Berry/Mitch Barltrop
T: +44 (0)20 3727 1046/1039
About International Public Partnerships:
INPP is a listed infrastructure investment company that invests in global public infrastructure projects and businesses, which meets societal and environmental needs, both now, and into the future.
INPP is a responsible, long-term investor in over 130 infrastructure projects and businesses. The portfolio consists of utility and transmission, transport, education, health, justice and digital infrastructure projects and businesses, in the UK, Europe, Australia and North America. INPP seeks to provide its shareholders with both a long-term yield and capital growth.
Amber Infrastructure Group ('Amber') is the Investment Adviser to INPP and consists of 150 staff who are responsible for the management of, advice on and origination of infrastructure investments.