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THE INVESTOR
May 21, 2019
Big Reunion

Deals

Korean investment firms partake in US$434m XLT deal in UK

  • PUBLISHED :February 22, 2019 - 15:21
  • UPDATED :February 22, 2019 - 16:06
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Three Korean investment banks were found to have joined a consortium that is set to own a 33.3 percent stake in Cross London Trains.

Led by Dalmore Capital and Equitix Investment Management, the consortium has been selected as the most preferred bidder to acquire the stake in the UK train company, also known as XLT, from UK investment firm 3i Infrastructure on Feb. 5 for 333 million pounds (US$434 million).

Courtesy of Thameslink Programme

Sixty percent of the consortium’s shares went to the threesome, which consists of Samsung Securities, Mirae Asset Daewoo and Hana Financial Investment. The three Korean partners plan to divide their portion of the stake equally, multiple sources said Feb. 22, and they have yet to announce any plans for a sell-down transaction.

“The Korean investment banks joined the consortium from the beginning, along with Dalmore and Equitix,” a source told The Investor on condition of anonymity because the information is private.

The latest reports on the deal came weeks after 3i Infrastructure, a wholly owned subsidiary of the London-based multinational private equity firm 3i Group, agreed to sell all its stakes in XLT -- valued at 271 million pounds as of September 2018 -- to the consortium.

Founded in 2011, XLT procures railway vehicles from German manufacturer Siemens and leased them for use on the Thameslink passenger rail network, which spans from midland cites in the UK such as Bedford, Peterborough and Cambridge to its southernmost cities, including Brighton, via central London.

Before the stock transaction, XLT was held equally by Innisfree PFI Secondary Fund 2 LP and Siemens Project Ventures. In 2013, 3i Infrastructure spent 61.8 million pounds to buy a third of the XLT stakes.

Headquarters of Korean investment banks in Yeouido, Seoul
Yonhap

By Son Ji-hyoung (consnow@heraldcorp.com)

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