3i to float European Technology Trust
- Added:
- Mar 31, 2000
3i ET will be floated on the LSE on April 10, raising 380m through an institutional placing 20m via a public offer.
3i said that the new fund is an opportunity to leverage the group's expertise in the technology sector and stands to benefit from its 34 offices and 80 investment professionals throughout Europe.
The fund will also be able to buy shares from 3i in companies where 3i, or funds under 3i's management, are proposing to sell shares through flotation. 3i claims to have sold shares at the offer price in 20 companies upon flotation, since January 1997.
As at September 30 1999, 3i had invested over 1.1bn in more than 600 technology companies, 209m of which in the target sector of 3i ET.
This is the latest of 3i's technology initiatives following the 102.6m acquisition of German technology venture capital firm, Technologieholding GmbH in early February, and the launch of a US$400m Asia Pacific technology fund.