Image of Mark Nuttall

Mark Nuttall

Capital Markets Partner, London

"I specialise in financing and acquisitions in the regulated utilities and infrastructure sectors, advising sponsors, lenders and companies on both acquisitions and long-term financing strategies. Of particular interest is providing trusted on-going advice and support to utility companies. I also lead a thriving pro bono based social finance practice."


Education and qualifications


Mark is a finance partner with a focus on infrastructure and utilities who also leads the firm’s social finance practice.

His finance expertise covers public capital markets, including whole-business securitisations, as well as banking and private finance, derivatives and direct financing. Mark has advised on the majority of headline infrastructure and utilities acquisitions, financings and refinancings in the UK and Europe in recent years.

Mark has a specific water, energy and regulatory finance practice, and advises many of the largest water and energy companies in the UK, as well as regulated companies across Europe. This included advising National Grid in respect of their £12bn disposal of Cadent and Thames Water over five years on the structuring and implementation of the £4.7bn Thames Tideway Project and SGN on their “MidCo” financing.

Mark leads Linklaters’ award-winning social finance and pro bono practice, which specialises in social impact bonds, supra-national social financings and innovative ways of raising funds for charities. Mark has led on a number of social finance initiatives, including the Retail Charity Bond which was on the first LSE-listed retail charity bond platform, and also won the American Lawyer award of Global Pro Bono Deal of the Year, 2015, a £20m charity bond for Scope and two social impact bonds: “Educate Girls” and “Cameroon Cataract Bond”.

Work highlights

Mark has advised on some of the market’s most complex and pioneering transactions, including among others, advising:

  • Scotland & Southern Gas on the establishment of their “MidCo” whole-business securitisation
  • Thames Water on the structuring and implementation of the £4.7bn Thames Tideway Project, one of the most significant national infrastructure projects in recent years, which was named IFLR Deal of the Year, 2016
  • the arrangers on the securitisation of Elenia Networks, the first Finnish business securitisation and the first true European whole business securitisation, which was named Infrastructure and Project Finance Deal of the Year, 2014 by The Banker
  • Morgan Stanley Infrastructure Partners on the refinancing and successful sale of Madrileña Red de Gas
  • Macquarie MIDIS fund on the establishment of its infrastructure investment platform, the first direct fund-infrastructure lending platforms in the UK
  • Visa Europe on structuring aspects in respect of existing Visa Europe members of its €21bn sale to Visa Inc
  • Dalberg on the structuring and implementation of the Cameroon Cataract Bond
  • Allra in respect of the Retail Charity Bond programme
  • the junior noteholders on the Punch Taverns whole business securitisation restructuring, this was described by Debtwire as “the most complicated UK corporate debt restructuring ever” (Debtwire Restructuring Review, 10 October 2014)

Education and qualifications

Mark studied English and Law at Queens’ College, Cambridge University.