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 and is the Group Leader of the Linklaters Structured Finance Group in London.

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, SGN on their “MidCo” financing and Morgan Stanley Infrastructure Partners on their telecoms acquisitions and disposals.

Mark co-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:

  • VTG AG on the refinancing of its existing debt facilities into a €2.9bn common debt platform
  • on a series of complex inflation rate swap restructurings for corporates and swap-counterparties
  • Morgan Stanley Infrastructure Partners: as winning bidder in respect of the winning bid and financing of FastFibre (purchased from Altice) and as winning bidder in respect of the winning bid and financing of on Altice’s telecoms assets (now called Omtel) and on the subsequent sale of Omtel
  • National Grid: advising on the £14bn disposal of 61% of their Gas Distribution business (Cadent), including the development of a stapled “MidCo WBS” platform (developed from the ENW financing) to raise debt from the public bond, US private placement and UK financial institution markets.
  • 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
  • Thames Water, Yorkshire Water, and Welsh Water: advising on treasury, regulatory and corporate matters including a £20bn liability management project to remove Cayco entities and a number of complex swap restructurings
  • Thames Water and Yorkshire Water in respect of PR19 financing and resilience strategy and planning, and Yorkshire Water in respect of financing aspects of the PR19 CMA referral
  • JPM Asset Management: advising on its successful acquisition and financing of the Spanish energy company Nortegas Utilities (acquired from EoN).
  • Naturgy: on the winning bid and financing of the Medgaz pipeline

Education and qualifications

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