LNI consortium completes the acquisition of Vattenfall in Finland

11 Jan 2012

LNI, a consortium comprising 3i Infrastructure plc, 3i Group plc, GS Infrastructure Partners and Ilmarinen Mutual Pension Insurance Company, has completed the acquisition of 100% of the equity in LNI Verkko Holding Oy (formerly Vattenfall Oy) and LNI Lämpö Holding Oy (formerly Vattenfall Lämpö Holding Oy) from Vattenfall AB. The transaction was signed and announced on 16 December 2011.

As announced in December, the transaction values the two businesses at approximately €1.54 billion in aggregate, and has been funded through a combination of equity and debt.

LNI Verkko Oy is the second largest electricity distribution network in Finland. Headquartered in Tampere, it serves around 400,000 customers in South West Finland, and has a 12% market share.

LNI Lämpö Oy operates a broad-based district heating and gas business in Finland.

LNI looks forward to working with the management teams and the employees of the two businesses to develop the network infrastructure, enhance security of supply, and promote outstanding customer service and satisfaction.

Contacts:

3i
Silvia Santoro
 +44 20 7975 3258
silvia.santoro@3i.com

GS Infrastructure Partners
Joanna Carss
 +44 20 7774 4102
Joanna.carss@gs.com

Ilmarinen Mutual Pension Insurance Company
Esko Torsti
+358 10 284 3945
 

Notes to Editors

About LNI Acquisition Oy
LNI Acquisition Oy is a consortium comprising 3i Infrastructure plc and 3i Group plc (45% share), GS Infrastructure Partners (45% share) and Ilmarinen Mutual Pension Insurance Company (10% share). 3i Infrastructure plc and 3i Group plc are investing through 3i Networks Finland LP, a partnership in which they have taken 87% and 13% stakes respectively.

About 3i Infrastructure plc
3i Infrastructure plc is a Jersey-incorporated, closed-ended investment company that invests in infrastructure businesses and assets and is regulated by the Jersey Financial Services Commission. The Company is building a diversified portfolio of infrastructure investments across the globe, with a focus on Europe and India. As of 30 September 2011, 3i Infrastructure had a portfolio of 15 assets valued at £716 million, and net assets of £1,030 million. The Company listed on the London Stock Exchange in March 2007, raising £703 million in an initial public offering and a further £115 million in a subsequent placing and open offer in July 2008, and is a constituent of the FTSE 250 index.

3i Investments plc, a wholly-owned subsidiary of 3i Group plc, is authorised and regulated in the UK by the Financial Services Authority and acts as Investment Adviser to 3i Infrastructure plc.

For more information, please visit www.3i-infrastructure.com.

About 3i Group plc
3i is an international investor focused on private equity, infrastructure and debt management, investing across Europe, Asia and the Americas.

For more information, please visit www.3i.com.

About GS Infrastructure Partners
Goldman Sachs is a leading global investment banking, securities and investment management firm. Founded in 1869, the firm is headquartered in New York and maintains offices in other major financial centers around the world. Goldman Sachs is one of the largest infrastructure fund managers globally, having raised over $10 billion of capital since the inception of the business in 2006. The GS Infrastructure Partners funds are the firm's primary vehicle to make direct investments in infrastructure assets and companies. The primary focus of the funds is on investment opportunities in the transportation and utilities sectors.

For more information, please visit www.gs.com.

About Ilmarinen Mutual Pension Insurance Company
As an authorized pension insurance company, Ilmarinen's mission is to safeguard the statutory pension provision of those employees and self-employed persons it insures and to manage the investment assets that cover future pensions. Ilmarinen is owned by its policyholders. With investment assets totalling €27.1 billion (as of 30 September 2011), Ilmarinen is among the largest pension funds in Europe and the largest private investor on the Helsinki Stock Exchange. Ilmarinen invests in various asset classes, including shares, bonds, real estate, private equity and hedge funds.