REG - 3i Infrastructure - 3iN plc agrees to sell its stake in TCR

3i InfrastructureAnnouncement

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RNS Number : 4036V  3i Infrastructure PLC  05 March 2026

 

This announcement contains inside information for the purposes of Article 7 of
the UK version of the EU Market Abuse Regulation (2014/596). Upon the
publication of this announcement, this information is considered to be in the
public domain.

 

3i Infrastructure plc agrees to sell its stake in TCR

 

5 March 2026

 

 

 

3i Infrastructure plc ('3iN' or the 'Company') is pleased to announce that it
has agreed to sell its 71% stake in TCR, the largest independent lessor of
airport ground support equipment.

 

Expected net proceeds to 3iN from the sale are approximately €1,140 million,
a c.22% uplift from our valuation at 30 September 2025 and a c.50% uplift from
the last valuation set before the beginning of the exit process, at 31 March
2025. The transaction is conditional on receipt of customary regulatory
approvals and is expected to complete during Q3 2026.

 

Under our ownership, TCR has expanded its operations from 100 airports across
11 countries to 237 airports in 24 countries, whilst more than doubling the
size of its fleet. Since 3iN's investment in 2016, TCR completed six bolt-on
acquisitions to grow the business and expand into new markets and has
supported its clients in their sustainability efforts by electrifying over 40%
of its fleet.

 

The realisation proceeds will be used to repay all drawings on the Company's
revolving credit facility ('RCF') and to fund further investment in our
existing portfolio as well as the potential acquisition of new portfolio
companies from our strong pipeline of opportunities. Since December 2025, the
Company has already invested €131 million in three bolt-on acquisitions for
ESVAGT and Joulz.

 

Bernardo Sottomayor, Managing Partner and Head of European Infrastructure, 3i
Investments plc, Investment Manager of the Company, commented:

 

"We are extremely proud of TCR's achievements during our period of ownership.
Since our investment in 2016, and despite the unprecedented COVID-related
transportation crisis, we delivered resilient financial performance and
achieved exceptional growth to transform TCR into a truly global platform.

 

We add another successful realisation to our track record, highlighting the
strength of our investment strategy. The robust premium achieved over the
pre-sale valuation demonstrates the latent value potential in our portfolio.
We would like to thank Tom Bellekens, Jason Watson and the TCR management team
for their commitment and wish them continued success."

 

3iN Balance Sheet: At 5 March 2026, drawings on the Company's £900 million
multi-currency RCF are €626 million. This balance is after funding the
€131 million of bolt-on acquisitions described above.

 

 

ENDS

 

 

 

For information, please contact:

 

 Thomas Fodor           Shareholder enquiries  +44 20 7975 3469
 Kathryn van der Kroft  Media enquiries        +44 20 7975 3021

 

 

 

 

About 3i Infrastructure plc

3i Infrastructure plc is a Jersey-incorporated, closed-ended investment
company, an approved UK Investment Trust, listed on the London Stock Exchange
and regulated by the Jersey Financial Services Commission. The Company's
purpose is to invest responsibly in infrastructure, delivering

long-term sustainable returns to shareholders and having a positive influence
on its portfolio companies and their stakeholders.

 

3i Investments plc, a wholly owned subsidiary of 3i Group plc, is authorised
and regulated in the UK by the Financial Conduct Authority and is the
investment manager of 3i Infrastructure plc.

 

This press release is not for distribution (directly or indirectly) in or to
the United States, Canada, Australia, or Japan and is not an offer of
securities for sale in or into the United States, Canada, Australia or Japan.
Securities may not be offered or sold in the United States absent registration
under the U.S. Securities Act of 1933, as amended (the 'Securities Act'), or
an exemption from registration under the Securities Act. Any public offering
to be made in the United States will be made by means of a prospectus that may
be obtained from the issuer or selling security holder and will contain
detailed information about 3i Group plc, 3i Infrastructure plc and management,
as applicable, as well as financial statements. No public offering in the
United States is currently contemplated.

 

 

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