3i and TIIC completed acquisition of Limerick and Fermoy concessions
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.
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