Latest M&A Analysis

  • Acquisition of HES International, The Netherlands

    Funds managed by Macquarie Infrastructure and Real Assets and Goldman Sachs investment bank signed a $1.6 billion deal on 3 April to acquire one of Europe's largest dry and liquid bulk terminals operators – HES International. The acquisition is pending final completion

  • Nobody expects the Spanish disposition

    Political upheaval in Spain has thrown the European market into disarray as the transport agenda is kicked into the long grass – wiping out the only greenfield pipeline of any scale on the continent

  • Infra fund activity – lot more than you'd think

    As a young journo working the local press world in 1990s north east Scotland, an old editor – a grizzled hack bearing the scars of hard-living hackery – once said: “Angus, the difference between doctors and journalists is that doctors get to bury their mistakes, ours are out there for everyone to see”

  • Fund analysis: Basalt Infrastructure Partners II

    UK-based manager Basalt Infrastructure Partners on 8 February announced final close for its second infrastructure fund at $1.3 billion

  • Data centres – led by the wrinkled nose

    Data centres - they are increasingly flavour of the day among infrastructure funds with a good number of them shifting focus to target these assets. We are seeing increasing activity in this space and here we focus on an exciting area that is set to grow in coming years...

  • Private placements and investors' expanding appetites

    A few years ago, private placements in infrastructure were primarily focused on refinancings. Now, the private placement market has evolved in a number of ways enabling institutional investors to increasingly participate in infrastructure M&A deals, to act on the origination of deals, and going in as primary investors

  • Acquisition of 70% of ENGIE E&P International

    Private equity-backed operators have poured billions of dollars into the North Sea upstream industry over the last 18 months. Neptune Energy’s first deal to buy out ENGIE's portfolio seals the entry of another independent, but is likely to be the last in a flurry of sales of mega-sized upstream portfolios by majors

  • Listed infrastructure funds adapt to a changing environment

    Increasing interest rates, limited assets and competitive market conditions are steering UK listed infrastructure funds towards new markets in search of better returns

  • Abertis – high prices, deep pockets

    It’s the biggest infrastructure deal in the market, the one everyone’s talking about – two giants of the European infra community slugging it out to acquire Spanish toll road operator Abertis… but it’s a deal that has more than a few wondering what the hell’s going on

  • Fund analysis: AMP Capital IDF III

    AMP Capital signed off on the final close for its third infrastructure debt fund at the $2.5 billion hard cap on 10 August, having started fundraising in Q1 2016

  • The Russia bear awakens

    With the Russian economy on the mend, investment commitments have been pouring into the country this year from the Middle East and Asia, particularly in the energy sector

  • Yieldcos: going, going, gone?

    On 16 October, Brookfield Asset Management subsidiaries closed on the long-awaited deal to up their parent company’s stake in the developed market-focused yieldco Terraform Power to 51%

  • Peaking interest

    The UK “peakers” industry has shot to attention for fund managers this year, with sales of two companies owning flexible peaking power plants underway. A regulatory change to embedded benefit payments enacted this June has effected these companies’ revenue streams, meanwhile potential buyers will be taking a view on the existential threat to the sector from emergent battery storage technology

  • Even educated fund managers do it…

    DIF do it, EISER do it, even educated Arcus do it. Let’s do it. Let’s flip a fund. That almost trips off the tongue, and it’s a darn site easier to sing than to achieve. It would appear that when it comes to infrastructure equity funds, Aristotle’s aphorism that “the whole is greater than the sum of the parts” rarely stands true

  • HS1 acquisition, UK

    A pool of fund managers formerly focused on PFI/PPP have become eager to buy, and hard to beat, when it comes to core, regulated infrastructure assets in Europe

  • China vs Japan outbound

    The two Asian giants are both keen outbound investors. IJGlobal data reveals the Japanese have an edge over their Chinese rivals when it comes to deal volumes, but the gap is narrowing

  • Fewer 'Grands Projets' for France

    While a couple of upcoming transactions in the airport sector are attracting attention, France's new President looks unlikely to stimulate wider infrastructure activity

  • Maple leave

    International oil majors are exiting Canadian upstream assets at a time when the US oil and gas market is beginning to look more attractive

  • As I was saying…

    After 10 years as an infrastructure journalist and three as a head hunter in the same space, Angus Leslie Melville has returned to IJGlobal and is resuming his Friday afternoon editorial slot…

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