Babcock and Brown Infrastructure (BBI) has paid $92 million to acquire a 50.3 per cent interest in Italian port operator, Terminal Rinfuse Italia SpA (TRI).
TRI is the largest dry bulk port operator in Italy, operating in Genoa, Savona and Venice. It handles around eight million tonnes of dry bulk per year, 50 per cent of it coal and coke. BBI's acquisition price represents a TRI enterprise value of euros 139 million ($A222.44 million). TRI's EDITDA in 2006 was euros 14.2 million ($A22.72 million), which was a 16 per cent rise on 2005.
BBI said that the acquisition would be immediately accretive. BBI says it now controls a portfolio of four European concession ports with a total enterprise value of around euros 541 million ($A865.74 million). BBI has a combined proportional ownership in those concessions of around 61.5 per cent.
TRI is the largest dry bulk port operator in Italy, operating in Genoa, Savona and Venice. It handles around eight million tonnes of dry bulk per year, 50 per cent of it coal and coke. BBI's acquisition price represents a TRI enterprise value of euros 139 million ($A222.44 million). TRI's EDITDA in 2006 was euros 14.2 million ($A22.72 million), which was a 16 per cent rise on 2005.
BBI said that the acquisition would be immediately accretive. BBI says it now controls a portfolio of four European concession ports with a total enterprise value of around euros 541 million ($A865.74 million). BBI has a combined proportional ownership in those concessions of around 61.5 per cent.