International Public Partnerships Limited (INPP), announced that it has entered into a sale and purchase agreement to acquire a further 51% share in German rail and bus operator BeNEX GmbH (BeNEX) from Hamburger Hochbahn AG, the City of Hamburg's municipal public transportation company, increasing their share from 49% to 100% and taking full control of BeNEX.

INPP has agreed to invest up to approximately €54 million (US$ 62 million),  part of which will be allocated immediately as additional capital to BeNEX (which will be used primarily to reduce certain debt which was linked to a requirement for Hochbahn to be a continuing shareholder). The rest will be used to acquire Hochbahn´s 51% shareholding with payment over the period to 2026 and is expected to be funded by a return of capital from BeNEX over the same period.

INPP´s acquisition of the additional stake in BeNEX is subject to a number of conditions.  These are expected to be met over the next two months and financial close is anticipated before the end of June 2019.

BeNEX has 12 train operating concessions, and as of December 31, 2018 it had 86 trainsets on lease to seven train operators, six of which it fully or partly owns.