3i looking to sell Enterprise to Ferrovial
3i is planning to sell support services company Enterprise to Spanish infrastructure operator Ferrovial, according to reports.
The deal could be valued at up to £500m, £200m less than the price 3i originally paid in July 2007.
Enterprise had formerly been listed on the London Stock Exchange (LSE). 3i paid a 30% premium on trading price in the 2007 buyout. According to reports, 3i had to write off its equity stake in the company due to debt management issues in 2011.
Enterprise is a support services company working with utility businesses and the central and local government. It was founded in the early 1980s and floated on the LSE in 1995. In 2010, the company's revenues amounted to £1.61bn with £61m in profit.
3i declined to comment.
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