Private equity firm 3i Group and its Eurofund V have sold their holding in the Danish ferry operator Scandlines for €1.7 billion (US$2.1 billion).
The London-based 3i Group sold to a consortium of long-term infrastructure investors First State Investments and Hermes Investment Management, which represent European pension funds.
In turn, 3i will reinvest in Scandlines and acquire a 35 per cent stake.
First State Investments will hold 50.1 per cent and Hermes Investment Management will control the remaining 14.9 per cent.
Net cash proceeds to 3i following the reinvestment will be €347 million, which is expected to be received in the first quarter of 2019 fiscal year.
Scandlines operates two short-distance, high-frequency ferry routes between Germany and Denmark.
Its fleet includes eight ferries that make 42,000 journeys every year.
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