French private investment firm Ardian agreed to sell an undisclosed stake in a portfolio of infrastructure assets to Dutch pension fund APG Asset Management NV, Reuters reported, citing a statement from Ardian.
The portfolio, which consists of investments in Italian, French and Spanish companies and toll roads, had an equity value of more than €1 billion, including minority stakes, Reuters added.
Ardian executive committee member Mathias Burghardt said the portfolio's enterprise value, which includes debt, is over €10 billion, adding that all the assets were valued above their net asset value, according to the Dec. 12 report.
The company did not disclose how much of the portfolio was sold or how much APG paid in the deal, which remains subject to regulatory approval, the news agency noted.
Ardian said it will remain as the portfolio's asset manager and adviser. Meanwhile, French insurer AXA remains a shareholder in the portfolio with an undisclosed holding.
Ardian is also working on setting up an infrastructure fund for assets in the U.S., Reuters added.
