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3i sells Finnish power network LNI

5 Jul 2012

London-listed private equity firm 3i Group has sold its 5.7 per cent stake in Finnish power network Lakeside Network Investments (LNI) to Teachers Insurance and Annuity Association of America (TIAA) for around €36m.

3i said it will continue to provide investment management services in relation to the interest through its wholly-owned subsidiary 3i Investments.

3i Infrastructure retains its entire 33 per cent stake in LNI.

3i bought its stake in LNI just six months ago from Swedish utility Vattenfall alongside GS Infrastructure Partners, the infrastructure arm of Goldman Sachs, and Ilmarinen Mutual Pension Insurance Company, for a combined €1.54bn.

The sale is in line with 3i’s efforts to reduce its debt burden to under £1bn by June 2013 to appease investors, and follows a recent slew of exits that also include the sale of Finnish outdoor clothing company Halti and Novatema, the rubber part maker it sold to AXA Private Equity.

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