Content area
Full Text
Updated to include:
- legal adviser to lenders, Norton Rose Fulbright
- debt tenor
AMP Capital’s global infrastructure equity platform has completed an acquisition of intermodal rail facilities operator ITS ConGlobal, representing the fund manager’s largest North American investment to date.
IJGlobal reported last month that the deal was close to completion, after the Federal Trade Commission gave its approval on 13 September.
Carlyle Infrastructure Partners, a fund managed by Washington, DC-based private equity firm The Carlyle Group, is the seller. The fund launched in 2006 and raised $1.1 billion, before buying ITS Technologies & Logistics in 2008.
The valuation is understood to be over $500 million, equivalent to around 10.5x earnings before interest, tax, depreciation and amortisation. AMP Capital has refinanced all of ITS ConGlobal's debt with a new package from lenders...