International Public Partnerships Limited, the listed infrastructure investment company, announced that it has completed its acquisition of a further equity interest in BeNEX GmbH (BeNEX).

This follows the announcement made in April 2019 that the Company had entered into a conditional sale and purchase agreement to acquire a further 51% shareholding in BeNEX from Hamburger Hochbahn AG (HHA), taking its ownership to 100% following the Company's acquisition of its initial 49% stake in 2007.

The Company re-confirms that it will invest up to approximately EUR 54 million (US$ 60.65 million) of which part will be invested immediately as additional capital to BeNEX (which will be used primarily to reduce certain debt which was linked to a requirement for HHA to be a continuing shareholder) and the remainder will be used to acquire the additional 51% shareholding.  The payment to acquire the shareholding will be deferred over the period to 2026 and is expected to be funded by a return of capital from BeNEX over the same period.