3i Group sells LNI stake for 36 million
3i Group, an international investor, announces that it has completed the sale of its 5.7% stake in Lakeside Network Investments (“LNI”) to Teachers Insurance and Annuity Association of America (“TIAA”) for approximately €36 million.
3i Group continues to provide investment management services in relation to the interest through its wholly-owned subsidiary 3i Investments plc.
Although 3i Group plc has now sold its interest, 3i Infrastructure plc retains its entire stake in LNI.
Notes to editors
3i is an international investor focused on private equity, infrastructure and debt management, with operations in Europe, Asia and the Americas. As at 31 March 2012, 3i had total assets under management of £10.5 billion, including £6.3 billion advised or managed on behalf of third parties.
TIAA is a leading financial services organization with $487 billion in assets under management as at 31 March 2012. The firm is a leader in helping those in the academic, medical, cultural, governmental and research fields plan for retirement, and life’s other goals. Over 3.7 million individuals trust us to help support their financial well-being.
LNI’s business comprises electricity distribution and district heating in Finland. A consortium comprising 3i Infrastructure plc, 3i Group plc, GS Infrastructure Partners and Ilmarinen Mutual Pension Insurance Company invested in LNI in January 2012.
For further information please contact:
Kathryn van der Kroft
tel. +44 207 975 3021