International law firm CMS has advised FTSE 250 listed infrastructure fund John Laing Infrastructure Fund Limited (JLIF) on its GBP1.45 billion takeover by Jura Acquisitions Limited (Jura), a company owned by a consortium led by Dalmore Capital Limited and Equitix Investment Management Limited.
The transaction was governed by the UK Takeover Code and effected by way of a court approved scheme of arrangement.
JLIF is one of Europe’s largest listed infrastructure funds, with 65 high-quality, low-risk, predominately operational projects across the UK, Europe and North America. CMS has advised JLIF since 2011 and most recently acted on the acquisition of three UK rail assets, including the DLR City-Greenwich Line. Dalmore and Equitix are two of the largest and most credible infrastructure investors in the UK. Together, they manage more than GBP7bn of global infrastructure assets, including more than GBP6.5bn in the UK.
The firm’s advice to JLIF follows its involvement in a string of high profile matters in the sector. In April, the firm, led by partner Paul Blackmore, advised longstanding client CityFibre on its GBP537.8m takeover by a consortium of infrastructure focused funds led by Antin’s specialist infrastructure fund and Goldman Sachs’ West Street Infrastructure Partners. In March, a CMS team led by partner Simon Morgan advised Infracapital on its offer for pure fibre provider Gigaclear plc. Infracapital now holds approximately 81.5 per cent of Gigaclear’s issued share capital.
CMS Capital Markets Partner and co-head of Infrastructure and Project Finance Kristy Duane, who led the firm’s advice to JLIF, says: “This is a growing development for the sector and reflects the availability of private capital to support infrastructure assets and the public markets’ concerns regarding the threat of nationalisation. We are delighted to support our longstanding client on this significant transaction.”
The CMS team advising JLIF also includes Gordon Anton, Brynn Horner, Kieran O’Brien and Sophie Curran (Corporate – Transactions), Brian Sher and Russell Hoare (Competition), Emma Burnett and Nadia Avraham (TMIC), Jacob Gilkes (Tax) and Sam Robinson (Regulatory).
