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John Laing increases stake in I-77 Mobility Partners with $38.6m investment
StockMarketWire.com
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Infrastructure investor group John Laing said it had increased its stake in I-77 Mobility Partners by 7.45% to 17.45% after investing an additional $38.6 million.
I-77 Mobility Partners was the company developing and operating the I-77 Express Lanes project in Charlotte, North Carolina.
The transaction also included a provision for deferred consideration which was contingent on achievement of a revenue threshold by June 2024 and which would be paid through distributions from the project, the company said.
The acquisition was expected to complete by the end of 2020 subject to customary conditions, the company said.
Following completion of the transaction, and adjusting for both stages of the IEP East divestment and the agreed sale of the Australian wind portfolio in October, the PPP portfolio would represent 75% of total portfolio value, it added.
'We expect this acquisition to be modestly accretive to NAV based on the current valuation of our existing interest.'
At 8:06am: (LON:JLG) John Laing Group PLC share price was 0p at 306.8p
Story provided by StockMarketWire.com
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