3i Group acquires 3i Quoted for £355m

3i Quoted Private Equity today agreed to be acquired by 3i Group in a deal that values 3i QPEP at £355.2m. The acquisition will be effected through a solvent liquidation of QPEP, allowing 3i to acquire the 55% stake in 3i QPEP it did not already own.

The deal valued each 3i QPEP share at 88.8 pence, representing a premium of 32.6% to its closing price on 19 February. The move helps 3i reduce its debt burden, as the deal results in a net cash gain of £110m. Each independent shareholder of 3i will receive 50 pence per share, as well as 0.1706 of a new 3i share.

According to a 3i-issued statement: The new 3i shares will rank pari passu with all issued ordinary shares of 3i in respect of any dividends declared, made or paid with a record date on or after the date of issue of the new 3i shares. If the Scheme is effected, 3i will issue 37.6 million new 3i shares, which will represent 8.9% of 3i's post-transaction issued share capital.

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• Topics
• Buyouts
• Benelux
• Southern Europe
• UK / Ireland