A consortium including Public Sector Pension Investment Board (PSP Investments) and Amber Infrastructure funds is acquiring an additional stake in UK’s largest passenger rolling stock company from AMP Capital.
AMP Capital has agreed to sell a 51% stake in Angel Trains to the consortium which also includes International Public Partnerships Limited (INPP).
According to AMP Capital’s website, the global investment manager holds a 65.2% stake in Angel Trains.
The consortium members, which have held their stakes alongside AMP Capital since 2008, are increasing their ownership of the company, with PSP Investments becoming the majority shareholder, AMP Capital said.
According to INPP, it will invest £98m (€115m) for a further 5% shareholding in Angel trains, adding that the acquisition will provide it with further governance rights through direct board representation.
Angel Trains has a diversified fleet of 4,300 vehicles. The company has more than £5bn invested in rolling stock.
Adam Petrie, partner and head of transport, Europe, AMP Capital, said the latest deal marks the ”fourth successful exit from our global infrastructure equity strategy over the past year, crystallising consistently strong returns for our clients”.
Patrick Charbonneau, managing director and head of infrastructure Investments, PSP Investments, said: “We are proud to have contributed to and supported Angel Trains’ growth over the last 13 years, including realising Angel Trains’ commitment to sustainability and clean transport through the continued acquisition of electric rolling stock.
“We look forward to the next phase of the company’s development, led by Angel Trains’ stellar management team, as we continue our partnership with Amber Infrastructure.”
Gavin Tait, Amber Infrastructure CEO, said: “We are delighted to have been able to increase our position in Angel Trains and to continue working with the highly experienced management team and co-shareholders on delivery of the long term strategy for the company.
“Our investment in Angel Trains has been one of our most successful and we look forward to the continued growth of this strategically important transportation investment as the UK looks to deliver on its 2050 net-zero commitments.”
Mike Gerrard, chair, International Public Partnerships said: “We are delighted to have been able to increase our position in Angel Trains. As the UK seeks to deliver its 2050 net-zero commitments, in conjunction with our co-shareholders, we welcome the opportunity to further develop this strategically important transportation investment.”
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