September 10, 2012 - [LBC & Access Capital Advisers] - LBC Group today confirms that a consortium advised by Access Capital Advisers (Access) comprising Dutch pension fund asset managers APG Algemene Pensioen Groep N.V. (APG), PGGM (through its PGGM Infrastructure Fund 2012) (PGGM) and Australian superannuation investors has completed its acquisition of the remaining 70% of LBC Terminals Jersey Limited (LBC) from Challenger Infrastructure Fund and Challenger Life.
This follows the parties signing a binding sale and purchase agreement on 4 June and obtaining European Commission clearance earlier this month.
The move marks a significant endorsement for LBC Group’s long-term ambitions for global development and growth. LBC Group CEO commented “I am very excited to see this transaction close. Our new shareholders share our group-wide vision for growth and fully support our drive to accelerate our ambitions.”
Access Capital Advisers adds:
The total purchase price was US$297.5 million for the 70% stake.
Access has been managing the interests in LBC for its clients – Australian superannuation investors – since 2007 and will now manage the investment for all investors under an agreement with LBC.
Access’ European investment team, led by Stephen Burns, Access’ Head of Europe, provided financial advisory services for this acquisition.
“The acquisition valuation is equivalent to a multiple of 9.3 times the expected FY13 earnings for LBC.
This is excellent value for our investors for such a safe and reliable investment. We welcome the opportunity to work with APG and PGGM and our existing Australian clients on this attractive infrastructure investment and look forward to this investment delivering excellent returns for our clients”, said Mr Burns.
