METLIFE INVESTS IN CONSORTIUM UPGRADING UK RAIL SYSTEM
New York and London, April 4, 2013
MetLife, Inc. (NYSE: MET) announced today that it has acquired, through its MetLife Private Capital Investors group, a minority stake in an international consortium that is delivering a multi-billion pound sterling renovation and upgrade to the long distance passenger rail system in the United Kingdom. The project will provide the foundation for a new generation of trains to serve Britain's rail network's long-distance routes well into the 21st century.
MetLife closed on its investment in late January for its interest in Agility Trains West Ltd., a consortium consisting of Hitachi Rail Europe and John Laing Investments. Equity investments of this type provide MetLife with investment opportunities that match the long-term liabilities the company writes through its insurance products.
Agility Trains West represents the first phase of the UK Department for Transport’s Intercity Express Programme, a project worth an estimated £4.5 billion, consisting of the delivery of new trains, maintenance depots, and route upgrades, with Network Rail undertaking the infrastructure upgrades to allow the new trains to operate on the network. The portion of the contract for Agility Trains West is estimated at £2.4 billion.
“This investment in Agility Trains West reflects MetLife Private Capital Investors’ growing interest in expanding our global portfolio of direct investment in global infrastructure equity and private debt placements in well-structured, long-term infrastructure assets and projects,” said Scott Inglis, global head of MetLife Private Capital Investors. “Our involvement in the Intercity Express Program in the UK demonstrates MetLife’s ability to partner with strategic and diverse sponsors and investors in competitive transportation and infrastructure sectors.”
MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.