A further 9% equity and loan note interest in the Connect Project (Connect) giving the Group a 28.5% interest overall. Connect is a 20 year concession which runs until November 2019 to upgrade and operate London Underground Limited’s radio and telecommunications systems.
The total consideration for the two acquisitions was £33.75m, which is in line with the current valuation of other U.K. PFI projects in the Group’s portfolio. These acquisitions bring the total number of infrastructure investments within the Group’s portfolio to 75.
The acquisitions were funded from the Group’s existing cash and debt resources.
