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John Laing sells stake in InterCity Express project for £421m

By Frank Prenesti

Date: Friday 18 Sep 2020

(Sharecast News) - John Laing Group on Friday said it would sell its 30% interest in Britain's InterCity Express Programme Phase 2 to infrastructure investment platform AIP Management for £421m.
The infrastructure investor said the deal value on the rolling stock project for the East Coast Main Line represented a strong uplift on John Laing's valuation of £333m at June 30. Shareholders will receive 5-10% of gross proceeds from the sale of investments on an annual basis.

John Laing said the transaction would complete in two tranches of 15%, with the first stage worth £203.4m. Completion of the remaining 15% interest will take place up to 12 months later at John Laing's election, and will generate £217.6m.

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