3i Infrastructure to buy sterilisation facilities operator Ionisis

Infrastructure investment company 3i has agreed to acquire sterilisation facilities operator Ionisis for €220m.

3i expects to finalise its acquisition of Ionisis from Ardian Expansion in September, at which time it will absorb the French firm's 11 facilities, 200 employees and its customer base of more than 1,000 "highly diversified" customers.

The FTSE 250 group said demand for sterilisation was driven by "attractive market fundamentals" and non-cyclical market factors, including an ageing population in Western Europe, growing demand for medical services increasingly relying on single-use products and increasingly stringent regulation governing the sterilisation of medical, pharmaceutical and cosmetics products.

Phil White, the company's head of infrastructure, said: "Ionisos is a defensive business which has grown organically and through bolt-on M&A.

"We look forward to working with the management team to continue its strong track record of providing market-leading services while growing its presence across Europe."

At 0825 BST, 3i shares were up 0.25% at 284.70p.