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3i Infrastructure to sell 93% stake in Wireless Infrastructure

3i Infrastructure PLC agreed to sell its 93% stake in Wireless Infrastructure Group Ltd. to Brookfield Infrastructure Partners LP.

The transaction values 3i's stake in Wireless Infrastructure at about £387 million, compared to a valuation of £291 million at Sept. 30. For Wireless Infrastructure, the deal brings an enterprise value of £575 million, according to a Dec. 19 news release.

About half the proceeds are payable immediately, a quarter payable unconditionally in 12 months and a quarter payable unconditionally in 24 months.

3i's updated pro forma cash position will be about £390 million.