Global Infrastructure Partners agreed on 5 March to acquire TCR, the Brussels-based lessor of airport ground support equipment, from 3i Infrastructure, which said it expected net proceeds of about €1.14bn for its 71% stake.
Why Global Infrastructure Partners (BlackRock) is buying TCR
GIP deputy chairman Michael McGhee described TCR as the clear global leader in ground support equipment leasing, combining mission-critical airport infrastructure with a scalable growth platform, and said GIP would help accelerate its international expansion.
Deal terms and financing
The proceeds represent a 22% uplift on 3i Infrastructure's 30 September 2025 valuation and a 50% premium to its 31 March 2025 valuation. Members of TCR's management team invest alongside GIP. 3i Infrastructure used the cash to repay its revolving credit facility in full.
Regulatory approvals and timing
The deal was subject to customary regulatory approvals and expected to complete in the third quarter of 2026. 3i Infrastructure announced that it completed on 17 June 2026, slightly earlier than expected, with proceeds of €1,129m.
Market context
TCR serves aircraft operations at more than 200 airports worldwide. 3i Infrastructure first invested in 2016 and said proceeds would also fund further investment in its portfolio.
