(Reuters) - 3i Infrastructure (3IN.L) is selling its 93% stake in Wireless Infrastructure Group (WIG) to Brookfield Infrastructure, two weeks after divesting its British projects portfolio.
The deal values 3i Infrastructure’s stake in the British independent wireless infrastructure operator at 387 million pounds ($506.08 million), the British investment firm said in a statement on Thursday, adding that compared to a valuation of 291 million pounds on Sept. 30.
“We concluded that it is better for shareholders that we sell our interest in WIG at this attractive price and look to recycle the capital into new opportunities,” 3i Infrastructure Chairman Richard Laing said in the statement.
Earlier this month, 3i Infrastructure sold its projects portfolio in Britain to a range of buyers for about 194 million pounds, adding that it is also exploring the potential sale of European projects.
The company expects its pro forma cash position to be around 390 million pounds after completing the sales.
Shares in 3i Infrastructure were up 2.1% at 298.5 pence at 1305 GMT.
(This story corrects ownership of 3i Infrastructure in paragraph 3)
Reporting by Shanima A in Bengaluru; Editing by Kirsten Donovan