3i Infrastructure PLC on Wednesday said it has signed an agreement to offload 17% of its stake in rescue and response vessel company Esvagt to 3i Aura.

3i Aura is a new 3i Investments-managed company. It is funded by three institutional investors.

3i Infrastructure’s holding in Esvagt will decrease from 100% to 83%, for total consideration of £89.9 million.

3i Infrastructure said that the proceeds obtained will be deployed to repay part of the company’s outstanding RCF balance.

Following completion, 3i Investments will continue to manage 100% of Esvagt.

Phil White, managing partner and head of infrastructure at 3i Investments said: ‘This transaction helps 3i Infrastructure to maintain a balanced portfolio and provides useful additional liquidity. ’

Shares in 3i Infrastructure were up 0.1% at 351.99 pence each in London on Wednesday afternoon.

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