Hunter Point Capital (HPC) has agreed to acquire a 16.1% stake in Equitix, an international investor, developer, and fund manager in infrastructure, from Tetragon Financial Group, at an implied enterprise value of £1.3bn, excluding net debt.
HPC’s stake is from two existing shareholders: approximately 14.6% from TFG Asset Management, Tetragon’s diversified alternative asset management business, and 1.5% from Equitix management.
Equitix was founded in 2007 and Tetragon acquired a controlling stake in the business in 2015. Since being acquired by Tetragon, Equitix has grown from £1.3bn to over £11.7bn in assets under management with a broad sector reach across social infrastructure, transport, renewable power, environmental services, network utilities, and data infrastructure.
Equitix is part of Tetragon’s platform for alternative asset managers, TFG Asset Management, which will remain the majority owner, alongside HPC and management. There will be no changes to the governance, investment process or day-to-day management of Equitix.
HPC’s acquisition is subject to customary closing conditions, including required regulatory approvals.
BofA Securities served as financial advisor and Dechert served as legal counsel to Tetragon. Latham & Watkins served as legal counsel to HPC. Ashurst served as legal counsel to Equitix management.
