April 02, 2018

John Laing Group sells stake in IEP consortium

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THE John Laing Group has announced that it is to sell its 15% stake in the Agility Trains consortium delivering the Intercity Express Programme (IEP) Phase 1 fleet of 57 Super Express Trains built by Hitachi for Britain’s Great Western Main Line to a subsidiary of Axa.

John Laing’s share is worth £227.5m, with the deal set to be satisfied in cash, subject to anti-trust approvals and the satisfaction of senior lenders. Completion is expected in the second quarter of 2018.

The contract comprises design, manufacture, finance, delivery into main line service and maintenance of the fleet for 27.5 years as well as the construction and refurbishment of three associated depots.

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