3i Infrastructure PLC on Tuesday said it will invest around £334 million into Brussels-based airport ground support equipment rental firm TCR, to increase its interest in the firm to 96%.

The FTSE 250 infrastructure investment company currently holds a 48% stake in TCR, and will acquire a further 48% from funds managed by DWS Group. 3i Infrastructure had first invested in TCR in 2016.

The investment is conditional on gaining consent from certain third parties, and is on-track to be completed in the final quarter of 2022.

‘TCR’s business model proved to be highly resilient during the Covid-19 pandemic. We look forward to continuing to support management to deliver on the company’s global growth potential and are delighted to be acquiring our co-investor’s share of the business,’ said Chair Richard Laing.

Shares in 3i Infrastructure were down 2.2% at 341.50 pence on Tuesday in London.

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