Investment firm 3i Infrastructure has agreed to divest its 33.3% stake in Cross London Trains (XLT) to a consortium of Dalmore and Equitix funds for £333m.
XLT was established in 2011 to procure and lease trains for use on the Thameslink passenger rail franchise. The company owns a fleet of 115 Siemens Desiro City Class 700 trains.
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The establishment of XLT was part of the government’s £7bn infrastructure investment to alleviate traffic congestion between London and the South East.
Commenting on the deal, 3i Infrastructure chairman Richard Laing said: “XLT has proved a very good investment for the company, generating significant value for our shareholders.
“Having supported the project through design, manufacturing and delivery, we believe that now is an appropriate time for the company to realise its stake.”
According to 3i Infrastructure, the value of the stake sold to the consortium was £271m on 30 September last year.
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By GlobalDataThe sale is subject to certain third party approvals.
Equitix CEO Geoff Jackson said: “We are very pleased to have secured an interest in XLT which builds on our existing portfolio of high-quality rail assets like HS1, Inter-City Express Programme West and Wales and Borders rolling stock.
“XLT is an excellent fit for our investors and further strengthens our position in the UK rolling stock market.”
XLT is currently in the final stages of procuring 1,140 carriage units to operate on the Thameslink corridor.
The addition of the new vehicles is expected to increase service reliability across the corridor and add capacity for 60,000 additional peak passengers.
