GGIC Subsidiary to be Asset Manager
CHICAGO – Guggenheim Partners today announced that its affiliate, Guggenheim Global Infrastructure Company (GGIC), has entered into definitive agreements for the sale of certain assets to Infrastructure India PLC (IIP). IIP is a closed-ended investment company that trades on the AIM market of the London Stock Exchange.
GGIC has agreed to transfer its direct and indirect interests in Vikram Logistic and Maritime Services and India Hydropower Development Company to IIP in return for 56,263,372 newly issued shares of IIP. Separately, GGIC has agreed to, under certain circumstances, subscribe for 12,396,693 newly issued shares of IIP.
In addition, following completion of the transaction, a subsidiary of GGIC will serve as asset manager of IIP and be responsible for identifying, structuring and monitoring investments and advising on exit strategies in respect of investments made by IIP.
GGIC has been active in both the energy and transport sectors in India. With this transaction, GGIC will transfer all its infrastructure assets in India to IIP and will focus its activities in the Indian infrastructure sector in IIP.
The transaction is subject to various approvals and consents, including the approval of IIP shareholders.
Tom Tribone, Chief Executive Officer of GGIC, stated: “GGIC is pleased to enter into this transaction with IIP. We continue to be excited by the opportunities to develop and invest in Indian energy and infrastructure businesses, and we are positioned to continue to play an active role in helping the country install the infrastructure needed to meet its economic growth objectives.”
Sonny Lulla, Executive Vice President of GGIC, added: “The combination of GGIC’s Indian assets with those of IIP helps create a platform we believe is well suited to the opportunity set in Indian infrastructure investment. We look forward to working with IIP’s shareholders to intelligently grow its business in the years to come.”
GGIC was advised by Fairfax I.S. PLC, MMB Legal (India), Perkins Coie LLP and Taylor Wessing LLP.
About GGIC and Guggenheim Partners
GGIC is an affiliate of Guggenheim Partners focused on the global infrastructure sector. Guggenheim Partners, LLC is a privately held global financial services firm with more than $100 billion in assets under supervision including management of assets in excess of $85 billion. The firm provides investment management, investment banking and capital markets services as well as insurance and investment advisory solutions for institutions, corporations, governments and agencies, investment advisors, family offices and individuals. Guggenheim Partners is headquartered in New York and Chicago and serves clients from more than 22 offices in nine countries. For more information, please visit www.guggenheimpartners.com.
# # #
For more information, please contact: