3i windfall as Petrofac floats

Venture capital and private equity group 3i is to land a £120 million realisation on its investment in Petrofac, as a result of the oil and gas services provider's imminent £742 million London flotation.

3i originally invested £22 million in Petrofac back in May 2002 and has taken the opportunity to sell its entire stake in the business on flotation, securing a significant return on this initial outlay.

‘It has been a great pleasure to work with Petrofac and its executive team over the past few years,’ 3i investment director Mike Hill comments, ‘and we are delighted that the company has achieved its listing on the London Stock Exchange.’

Petrofac, which generated a £26 million profit last year on £540 million of revenue, is expected to complete its London listing this Friday.

Leslie Copeland

Leslie Copeland

Leslie was made Editor for Growth Company Investor magazine in 2000, then headed up the launch of Business XL magazine, and then became Editorial Director in 2007 for the online and print publication portfolio...

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