UK private equity firm 3i tables bid for Barclays Infrastructure Funds Management

UK private equity firm 3i Group plc (LON:III) on Friday said it had put in an irrevocable bid to buy Barclays Infrastructure Funds Management Ltd (BIFM), the European infrastructure fund management business of Barclays Bank plc, without disclosing the value of the offer.

The deal is contingent on regulatory conditions, including the finalisation of an employee information and consultation process, the buyer said.

Through the takeover of BIFM, whose managed assets total some GBP780m (USD1.2bn/EUR910m), 3i delivers further on its plan to expand its infrastructure business and boost income from third party assets under management, the company said. The target complements 3i’s European infrastructure product offering, which is centred on core infrastructure, the buyer added.

BIFM, which has offices in London and Paris, currently manages two active unlisted funds that invest in public private partnership and energy projects in the UK and continental Europe.