(Rewrites, adds detail.)
By Simon Zekaria and Robb M. Stewart
LONDON--3i Infrastructure PLC (3IN.LN) Tuesday said it is
teaming up with fellow infrastructure investor manger AMP Capital
to jointly acquire Denmark's Esvagt, a provider of rescue services
for Scandinavia's offshore oil and gas industry, for a combined sum
of around 218 million pounds ($337 million)
Both 3i Infrastructure, a unit of investment firm 3i Group PLC,
and AMP Capital, a unit of Australian financial services company
AMP Ltd. (AMP.AU), are spending about GBP109 million to acquire an
equal 50% shareholding in Esvagt from Maersk Group, the companies
said.
Headquartered in Esbjerg, Denmark, Esvagt supplies emergency
rescue and response vessels, as well as other related services, to
the offshore oil and gas industry in and around the North Sea and
the Barents Sea. Employing more than 800 people and owning a fleet
of 43 vessels, Esvagt has key operations in Denmark and Norway and
is growing its presence in the U.K. offshore wind services
sector.
3i Infrastructure said Esvagt's leading market positions are
expected to continue to deliver an "attractive and stable"
long-term financial return.
"This investment fits well with our strategy of investing in
mid-market economic infrastructure businesses," said 3i
Infrastructure Chairman Peter Sedgwick.
The deal also bolsters AMP Capital's global infrastructure fund
by adding an operating model that is positioned to be replicated in
other markets, said Boe Pahari, global head of infrastructure
equity at the Australian firm.
AMP Capital's global infrastructure platform is currently
raising funds from global investors and the company said it has
secured commitments for more than $1 billion, with a targeted final
close of $2 billion.
Completion of the deal for Esvagt, which needs antitrust
clearance from European Union competition authorities, is expected
by the end of September, 3i Infrastructure said.
At 1134 GMT, 3i Infrastructure shares rose 0.5% to 167 pence,
valuing the company at GBP1.47 billion.
Write to Simon Zekaria at simon.zekaria@wsj.com and Robb M.
Stewart at robb.stewart@wsj.com