Latest M&A Analysis

  • Redexis Gas sale, Spain

    The formal auction process for the sale of Redexis Gas ran from 2016 into the first quarter of 2017, with owner Goldman Sachs Infrastructure Partners putting 100% of the company up for grabs.

  • UK pension funds dip into water utilities

    While infrastructure funds are the most prevalent shareholders of 25 regulated water utilities in England and Wales, the recent sale of Affinity Water is due to feature UK local authority pension funds co-investing alongside fund HICL

  • Acquisition of 61% of National Grid Gas Distribution, UK

    The auction of a majority stake of National Grid’s four UK gas distribution networks presented a rare opportunity for largest asset managers, sovereign wealth and pension funds to deploy bulky equity cheques

  • Interview: Kansai Electric Power’s Yoshihiro Takechi

    Market liberalisation at home is driving Japanese power utility Kansai Electric to seek growth overseas. Yoshiro Takechi, general manager of Kansai Electric international business and cooperation division, has unveiled what he expects in return for the company’s ¥500 billion ($4.5 billion) war chest in an interview with IJGlobal

  • M6 Toll: IFM Investors grasps the majority stake

    Creditors Mizuho Bank and US hedge fund Centerbridge Partners have sold their debt in the M6 Toll to Macquarie Bank in a deal which blindsided the wider creditor committee and prompted IFM to scamble to take a controlling stake in the asset

  • SWFs, Brexit and UK infrastructure

    Will Brexit mean more Middle Eastern capital for UK infrastructure?

  • Northwest Parkway acquisition, US

    The financing of the acquisition of the Northwest Parkway toll road in Denver, Colorado, has gone beyond prior toll road acquisitions last year to further utilise and test the liquidity of the US private placement market

  • Data Analysis: Car parking companies - future risks, or opportunities

    Roughly three years after buying French car parking business Indigo, long-term investors Ardian and Predica are already reviewing a full or partial sale. With another multi-billion sale of European car parking giant Q-Park further advanced, infrastructure and private equity investors bidding for these businesses will be considering game-changing shifts in the industry perhaps not so far away.

  • Canadian privatisations: a dangling carrot

    The Canadian government launched late last year two reviews to consider proposed privatisations of port and airport assets in the country. The privatisations could provide additional capital for new infrastructure in the country, but have met with opposition from Canada’s airport and port authority bosses

  • The attractiveness of UK Student accommodation

    UK student accommodation deals--both in terms of greenfield developments and portfolio acquisitions--have seen strong growth over the last two years, driven by robust demand and healthy investor interest. But with Brexit and saturation on the horizon, is this likely to continue?

  • European equity leads US infrastructure investment

    International investors including European, Australian and Canadian sponsors lead the equity investment in the majority of the deals that closed in 2016

  • 3i's acquisition of EISER Global Infrastructure Fund portfolio

    In December 2016 EISER agreed to sell the portfolio of the mature EISER Global Infrastructure Fund to a new 3i-managed fund vehicle, funded by existing LPs and new pension fund capital. Increasingly fund managers are finding solutions to allow LPs of closed-ended funds to stay invested, at a time when high liquidity means reinvestment risk is not welcomed

  • Could do better: Greece's privatisations

    The Greek government hopes to raise an additional €2.03 billion ($2.17 billion) in 2017 via privatisations but has fallen far short of its targets set for 2016

  • Nice and Lyon airports privatisations, France

    The privatisations of both the Nice and Lyon airports in France were won by airport operator-led consortia, with the valuations of both assets roughly the same

  • Germany’s smart meters market heats up

    The upcoming sales of Techem and ISTA, the two dominant German smart metering providers for heat and water, could go for approaching €4 billion ($4.44 billion) each, and for both mandated financial advisers are already preparing to launch sale processes

  • Data Analysis: North American upstream uptick

    Not since 2014’s second and third quarter has the upstream space in North America seen such a surge in deals as during the second half of 2016 to date

  • Acquisition of Thyssengas, Germany

    Dutch fund manager DIF and the investment arm of French utility EDF have completed the acquisition of German gas transmission company Thyssengas from Macquarie, representing the first gas sector investment for DIF and the first in a potential second wave of gas transmission sales in Germany

  • India toll roads: all aboard

    One of the world’s fastest growing countries is building new roads at a furious pace and investors, led by international blue chip funds, are piling in for a piece of the action

  • Data Analysis: US toll roads on sale

    A couple of high profile sales of US real toll road leases during 2015 and 2016 have attracted attention for the high equity values involved. With the market shown to be liquid for these types of vital transport assets, IJGlobal has learned of several further sales of US toll road leases underway

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