Linklaters advises National Grid on their c.£7.0 billion Rights Issue

Linklaters advises National Grid on their c.£7.0 billion fully underwritten Rights Issue. The net proceeds of the Rights Issue will principally be utilised to fund a higher-growth investment phase for National Grid, with around £60 billion of capital investment expected over the next 5-year period (from FY25 to FY29).

The cross-practice Linklaters team was led by corporate partners Charles Turner and Mike Bienenfeld, corporate counsels, Asad Ahmed and Cole Smith and managing associate, Fionna Ng. The corporate team also included partner Tom Thorne and associates Samantha Rodriquez, Ellie Millar, Rob Stutter and Kayleigh Ansell.

Linklaters is renowned in the market for its track record in advising leading companies on their complex and big-ticket capital raisings and M&A. This is the largest UK rights issue since 2010. Linklaters is National Grid’s UK corporate and SEC counsel and this is the latest transaction the firm has supported National Grid on, having recently advised on their sale of a 60% stake in its UK gas transmission and metering business to a consortium of infrastructure investors including Macquarie Asset Management and British Columbia Investment Management Corporation and the subsequent sale of a further 20% stake. Linklaters also advised National Grid on the complex carve out and sale of Cadent, its gas distribution business, back in 2017, which at the time was the largest ever energy infrastructure deal in the UK.