Dalmore Capital and Equitix Investment Management are buying 3i Infrastructure’s 33.3% stake in Cross London Trains (XLT) in a £333m (€379.3m) deal.
In June 2013, 3i invested £61.8m as an equal shareholder in XLT, alongside Innisfree PFI Secondary Fund 2 and Siemens Project Ventures Rail Investments I.
XTL was established to procure and lease the rolling stock for use on the Thameslink passenger rail franchise.
Investment firm 3i said it has agreed to sell its stake in XLT to a consortium of Dalmore and Equitix funds for £333m. 3i’s stake was valued at £271m as at 30 September 2018.
Richard Laing, the chairman of 3i Infrastructure, said: “XLT has proved a very good investment for the Company, generating significant value for our shareholders.
“Having supported the project through design, manufacturing and delivery, we believe that now is an appropriate time for the company to realise its stake.”
Phil White, a managing partner and head of infrastructure at 3i Investments, the investment manager of the company, said: “XLT is another successful investment for 3i Infrastructure.
“In partnership with our co-shareholders, our involvement since the start of the procurement programme in 2008 has helped to deliver, on time and on budget, a key element of London’s commuter rail infrastructure.”