(Reuters) -Canada’s BCI, one of the country’s largest asset managers, will buy BBGI Global Infrastructure S.A. in a deal valuing the Luxembourg-based investment firm at 1.06 billion pounds ($1.32 billion), the companies said on Thursday.
BCI’s offer for BBGI of 147.5 pence per share in cash, represents a premium of 21% to the London-listed stock’s closing price on Wednesday. BBGI’s shares rose nearly 19% to 144.8 pence in early trading, their highest level since June 2023.
BBGI, whose stock price had fallen 12% in 2024, has grown to become one of the UK’s largest listed infrastructure funds with a portfolio which includes projects such as bridges and tunnels, as well as education and healthcare facilities.
It is the latest London-listed company to be bought or become the target of either overseas buyers or private equity as Britain’s Labour government rushes to roll back stringent regulations to attract global investments.
BBGI said its board has recommended that shareholders vote in favour of the acquisition by BCI, which previously bought Compre, a London-based specialist in buying and managing non-life insurance portfolios, with Cinven in 2020. ($1 = 0.8013 pounds)
(Reporting by Yamini Kalia and Aby Jose Koilparambil in Bengaluru; Editing by Savio D’Souza and Alexander Smith)
