The infrastructure investor has offered to take over the UK’s only listed ports operator for close to £746m, a £50m premium to Forth Ports’ stock market valuation on Friday. Forth Ports has allowed Arcus to conduct due dilligence on it.
AXA Private Equity, Antin Infrastructure Partners, Cube Infrastructure, F2i and 3i are all said to have submitted non-binding bids for Metroweb in the range of €400m.
First State Investments, the asset management arm of Commonwealth Bank of Australia, has moved from an evergreen structure for its European Diversified Infrastructure Fund to a 15-year fund with an option for investors to vote for five-year extensions.
The Indian developer has bought the additional stake from a subsidiary of South Africa’s Bidvest Group for $287m. As a result, it now owns 50.5% of Mumbai International Airport.
Barclays, BNP Paribas and Lloyds are providing debt for the UK’s first offshore transmission project, awarded to a consortium that includes International Public Partnerships. The £65m project comprises an undersea cable and onshore substation linking the mainland grid to an 180MW offshore wind farm.
But Spain’s lower house of parliament is unlikely to ratify the changes approved by the Senate next week, leaving trade bodies and investors to keep fighting retroactive cuts in the courts.
As a recent move by Quebec’s La Caisse demonstrates, resilience has become a reason to deleverage infrastructure assets and enjoy their inherent stability. Times have clearly changed, writes Cezary Podkul.
The Australian fund manager has bought an additional £27m stake in Thames Water, taking its total investment in the company to £144 million.
PPL Corporation has beat competition from Cheung Kong Infrastructure to acquire the UK’s second-largest electricity distribution network. Bank of America Merrill Lynch and Credit Suisse will lend the US utility £3.6bn to help fund the deal, which is expected to close in April.
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KKR’s managing director of European infrastructure has resigned from his position. It is not yet known where he is going to next.
James Stewart, who as chief executive of Infrastructure UK drew up the UK’s £200bn National Infrastructure Plan, has joined financial services firm KPMG as chairman of its global infrastructure practice.
The European Commission and the EIB plan to use guarantees and subordinated loans to enhance the creditworthiness of private sector infrastructure bonds to investment-grade rating, aiming to recapture a €100bn market that dried up following the global financial crisis.
AXA Private Equity has agreed to buy 10% of Spanish oil storage and transportation company CLH. The deal will be funded from its third infrastructure fund, which has currently raised €200m and is aiming to close on €1.5bn by year’s end.