3i Infrastructure plc announces partial syndication of its investment in Attero

3i Infrastructure plc (“3i Infrastructure” or “the Company”) has signed an agreement to syndicate c.35% of its stake in Attero.

Attero is a European leader in waste treatment and processing in which 3i Infrastructure invested in June 2018. 3i Infrastructure’s stake in the holding company for Attero will decrease from 50% to c.32.5%, in exchange for a c.€71 million consideration, representing a small premium to cost.

Following completion, 3i Investments plc, the Company’s Investment Adviser, will retain governance of the entire 50% stake.  3i Infrastructure is considering syndicating a further tranche of c.15% of its original 50% stake in Attero in the coming months.

Richard Laing, Chairman of 3i Infrastructure plc, commented:

“It was always our intention to seek to sell down part of this investment, as part of our management of risk exposures within the portfolio.  We are pleased with this outcome, which brings long term investors alongside us while preserving the governance position of our original 50% stake in Attero.” 

Phil White, Managing Partner and Head of Infrastructure, 3i Investments plc, commented: 

“This transaction reduces the Company’s exposure to power price risk and to the energy sector.  Attero is a strong business, ideally placed to benefit from the positive dynamics in the European waste treatment sector, and led by a first class management team.”

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About 3i Infrastructure plc

3i Infrastructure plc is a Jersey-incorporated, closed-ended investment company, listed on the London Stock Exchange and regulated by the Jersey Financial Services Commission. The Company is a long-term investor in infrastructure businesses and assets. The Company’s market focus is on economic infrastructure and greenfield projects in developed economies, principally in Europe, investing in operating businesses and projects which generate long-term yield and capital growth.

3i Investments plc, a wholly-owned subsidiary of 3i Group plc, is authorised and regulated in the UK by the Financial Conduct Authority and acts as Investment Adviser to 3i Infrastructure plc.

About Attero

Attero is the largest waste treatment and disposal company in the Netherlands. Founded in 1929 and headquartered in Wilp, Attero has approximately 800 employees. Attero treats c. 3.5 million tonnes of waste per year in two energy from waste (“EfW”) plants, two sorting and pre-treatment facilities, six anaerobic digestion facilities, seven composting facilities and ten landfills. The EfW business accounts for c. 80% of revenues of which a quarter relates to selling electricity and heat. Attero sources its waste from a diverse mix of domestic municipalities, commercial and industrial customers, as well as a number of UK and Irish exporters.