IST3 Investmentstiftung - IST3 Infrastruktur Global Fund, Applegreen plc (AIM:APGN) and TD Greystone Asset Management entered into a securities purchase agreement to acquire Project Service LLC (CT Service Plazas) from John Laing Infrastructure Fund Ltd. managed by John Laing Capital Management Limited for an enterprise value of approximately $230 million on August 7, 2019. The consideration includes a total consortium equity consideration of $129.6 million (excluding leakage to completion). Applegreen has entered into a consortium shareholder agreement with IST3 and TD Greystone as manager for and on behalf of the Greystone Infrastructure Fund. Following completion of the transaction, Applegreenm IST3 and TD Greystone will hold 40% stake, 40% stake and 20% stake in CT Service Plazas respectively. Consideration for Applegreen of approximately $37.6 million (excluding transaction fees), to acquire a 40% Consortium interest. The consideration is being funded through contributions from each of the consortium members, existing CT Service Plazas cash reserves and an amendment and restatement to an existing non-recourse debt facility within the acquired entity, which equates to approximately $30 million coming from additional debt in the acquired entity. Applegreen will fund the acquisition from existing Applegreen debt facilities. Applegreen will support the existing management team of CT Service Plazas from its existing North East US regional office and assist management to drive the implementation of a number of operational improvements and revenue growth initiatives post completion of the Transaction. Completion of the transaction is subject to Connecticut Department of Transportation approval and, pending satisfaction of this condition, is expected to complete in Q3 2019. The transaction is currently expected to be slightly dilutive to earnings in Applegreen's year ended December 31, 2019 due to the additional debt service costs incurred. However, management expects it to be accretive from the first full financial year onwards (FY20) as CT Service Plazas is able to increase the pace of operational improvements with the potential for significant future earnings growth. Stephane Auton, Patrick Castle and Daniel Bush of Shore Capital & Corporate Limited acted as financial advisor to Applegreen. Steven Canner of Baker McKenzie acted as legal advisor for IST3 Investmentstiftung. David Locascio, Michele Harrington, Brian Curran, Meg McIntyre, Evan Koster and Michael Szlamkowicz of Hogan Lovells US LLP acted as legal advisor to an Applegreen PLC, IST3 Infrastruktur Global, and TD Greystone in the deal. KPMG Corporate Finance LLP acted as financial advisor to Applegreen plc and IST3 Investmentstiftung - IST3 Infrastruktur Global Fund. IST3 Investmentstiftung - IST3 Infrastruktur Global Fund, Applegreen plc (AIM:APGN) and TD Greystone Asset Management completed the acquisition of Project Service LLC (CT Service Plazas) from John Laing Infrastructure Fund Ltd. managed by John Laing Capital Management Limited on September 30, 2019. As of September 30, 2019 Connecticut Department of Transportation (CDOT) granted the approval for transaction.