Bilfinger Berger Global Infrastructure SICAV S.A. (BBGI) announced on May 12th that it has completed the acquisition of the equity and loan note interests in Lagan College pursuant to both the Sale and Purchase Agreement with Bilfinger Group, as announced on 15 November 2013, and the Graham Acquisition Agreement, as announced on 04 December 2013.
BBGI now owns 100% of the equity and loan note interests in Lagan College.
Lagan College is a long term PPP concession to build a new school and partially refurbish and remodel an existing school building in Northern Ireland. The project has concession period of 26 years commencing 11 March 2011 and ending 21 October 2037. The project will have a 25 year operational term.
BBGI has acquired 70% of the equity interest and subordinated debt in the project from Bilfinger Group. BBGI has also acquired the remaining 30% of the equity interest and subordinated debt in the project from Graham Investment Projects Limited.
The acquisition was funded from the company's existing cash resources following the £145 million capital raise which completed on 11 December 2013.
In November 2013, BBGI also announced the acquisition of the DBFO-1 Road Service (M1 Westlink), a concession to design, upgrade, finance and operate the M1 Westlink road scheme in Belfast; and the Tor Bank School, a concession to develop, fund, build, operate and manage a new school for pupils with special education needs in Northern Ireland.
The completion of these two transactions has not been announced.