- 3i Infrastructure said it would spend €220m acquiring a 50% stake in Tampnet, and offshore telecoms network operator in the North Sea and the Gulf of Mexico.

The company said was investing in a consortium with Danish pension fund ATP, which would buy the other half of Tampnet.

Completion was subject to regulatory approvals in Europe and the US.

Founded by Equinor, formerly known as Statoil, in 2001, Tampnet provided high speed data connectivity offshore through a network of fibre optic cables, 4G base stations and microwave links. 'Tampnet is the company's first investment in fibre telecoms infrastructure and provides further geographical diversity through its operations in the Gulf of Mexico,' chairman Chairman said.

'The investment offers a good yield profile as well as strong near-term growth prospects. It is an attractive addition to the portfolio.'

At 2:35pm: (LON:3IN) 3i Infrastructure Ltd share price was 0p at 240.05p

Story provided by