John Laing Infrastructure Fund has announced its intention to offer £1bn for Balfour Beatty’s public-private partnership assets.
The fund told the City it would be making a non-binding proposal, subject to due diligence, to the board of Balfour Beatty.
“John Laing Infrastructure Fund has proven itself as a leading London-listed infrastructure fund investing in low risk, operational infrastructure assets and therefore believes it would be an ideal owner of the portfolio,” said the fund.
“Following due diligence and in the event agreement is reached to purchase the portfolio, JLIF would seek to finance the acquisition largely via an equity capital raise of ordinary shares, as with its previous acquisitions. A further announcement will be made when appropriate.”
Balfour Beatty acknowledged the statement.
“The board of Balfour Beatty will review the proposal once received from JLIF,” it said. “A further announcement will be made in due course, as appropriate.
“As previously stated, the board remains open to value creation opportunities across the group while it concentrates on the restoration of value to its shareholders.”