3i Group plc and TIIC announced acquisition of majority stake in two road concessions, Fermoy bypass and the Limerick Tunnel, in Ireland. The consortium has acquired 75% stake in Directroute (Fermoy) Holdings and 50% stake in Directroute (Limerick) Holdings.
The two projects are Fermoy, a 17.5km section of the M8 motorway between Dublin and Cork, and Limerick, a 10km section of the M7 ring road around the city of Limerick, including a 675m tunnel under the Shannon river. The concession contracts, granted by Transport Infrastructure Ireland, will run until 2034 and 2041 respectively.
Both companies have acquired total 75% of equity interest in Directroute (Fermoy) Holdings which holds the concession of Fermoy bypass project, and 50% of the equity interest in Directroute (Limerick) Holdings which holds the concession of Limerick tunnel project. The fermoy bypass was owned by Strabag, KBR, Sisk, Lagan, Roadbridge and AIB; while the Limerick concession was owned by Strabag, Sisk, Lagan, and Roadbridge.
Rubicon Capital Advisors was financial adviser of the seller.