News / Bilfinger Berger fund to acquire 11 PPP projects from Bilfinger Berger

Bilfinger Berger fund to acquire 11 PPP projects from Bilfinger Berger

🕔 October 3, 2013
US$3 billion final close for Macquarie Super Core Infrastucture Fund Series 1

Bilfinger Berger Global Infrastructure SICAV S.A. (BBGI) has announced that it is in sole discussions with Bilfinger Berger in relation to the potential acquisition of up to 11 pipeline projects with a potential value of around £200 million. This follows the announcement on 28 May 2013 that Bilfinger proposes to divest of its concessions business unit which comprises PFI/PPP projects in Australia, North America and Europe.

Accordingly, BBGI is considering raising additional equity capital during Q4 2013 in order to finance the proposed acquisition. The current intention is to raise additional equity capital by way of a placing, open offer and offer for subscription of new shares. BBGI said that the target amount to be raised will depend on the final number of pipeline projects agreed to be acquired, taking into account also BBGI's existing cash resources.

BBGI said that a prospectus relating to the issue will be published in due course.

Bilfinger Berger announced the sale of 18 public-private partnership (PPP) projects to BBGI in Q1 2012, leading to net proceeds of about €240 million for Bilfinger Berger. The fund had carried out an initial public offering in December 2011 raising £212 million.

In July 2013, BBGI raised £70 million to acquire new assets and pay back a revolving facility. In August 2013, the listed fund also announced the acquisition of its first Canadian projects. Finally in late August, the listed fund acquired a 50% stake in four operational PPP Projects in Germany from Hochtief PPP Solutions GmbH.

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