Selected ports highlights:

• Refinancing of PD Ports.
• Sale by DWS of a 37% interest in Peel Ports.
• OMERS’s sale of a stake in Associated British Ports.
• Infrastructure investor’s $1.6bn sale of 10% of its interests in a global container port and terminal company.
• Acquisition of Koole Terminals.
• £258m refinancing of Antwerp Port debt facilities.
• US$629m financing of Lekki deep sea port in Lagos, Nigeria.
• US$310 stake sale in LBC Tank Terminals.

Selected rail highlights:

• Department for Transport - UK Government £16bn Covid rescue package for train operating companies.
• Department for Transport - the Intercity Express rolling stock programme.
• PGGM’s investment into Alpha Trains.
• VTG’s refinancing into a €2.9bn common terms debt platform.
• Refinancing of Eurostar to address Covid impact.
• Kinetic and Globalvia consortium’s £669m bid for The Go-Ahead Group.
• High Speed 1 acquisition, sale, whole business securitisation, HoldCo financing and pandemic covenant waivers.

Selected water highlights:

• Consortium bidding for the DPC HARP project.
• CKI’s US$1bn sale of a 25% interest in Northumbrian Water.
• Thames Water’s 2022 equity raise and turnaround investment.
• Anglian Water’s £1bn holdco and rated midco financing and related opco deleveraging.
• USS’s acquisition of 10.9% in Kemble Water Holdings.

Selected gas and electricity transmission and distribution highlights:

• IFM Investors’ €5bn takeover bid for Naturgy Energy.
• Energy administrators’ sale of Bulb Energy.
• OTPP’s £1.465bn acquisition of a 25% stake in SSEN Transmission.
• Brookfield’s and OTPP’s £1.8bn acquisition of a 50% stake in Scotia Gas Networks.
• National Grid’s £4.2bn sale of the majority interest in its UK gas transmission and metering business.
• National Grid’s £13.8bn sale of the majority interest in its UK gas distribution business.
• Equitix’s acquisition of Aurora Infrastructure.
• Consortium US$11bn investment into ADNOC Pipelines.
• Anglian Water’s and Northumbrian Water’s PR19 and subsequent successful redetermination with the CMA.
• Three of the four gas distribution appellants’ (SGN, NGN and Wales & West Utilities) appeals of Ofgem’s RIIO 2 price control.

Linklaters has been involved in some of the digital infrastructure sector’s biggest deals for many years. The remit of the team has widened as the market has grown to incorporate a growing number of digital infrastructure assets, including data centres, fibre, towers and satellites. These transactions often involve the multiple complexities of bespoke corporate and financing structures, a regulated sector in relation to both telecoms and investments, and key commercial contracts, playing into the combined strengths of our market leading corporate, finance, telecoms and regulatory teams.

Our expertise within this sector includes joint ventures, carve-outs, acquisitions, asset/capex and structured financing, together with advice in relation to commercial/customer contracts, real estate and regulatory matters.

The team has a real depth and breadth of experience, regularly advising corporates, funds and financial institutions on their most high-profile, complex and innovative deals. This experience ensures that our clients benefit from tactical advice based on the latest market precedents.

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