1 September 2004 LAWFUEL – Best for law, legal news, law news, legal research Herbert Smith advised a private equity consortium of investors led by Macquarie European Infrastructure Fund on the acquisition of the Wales & the West Gas Distribution Network from National Grid Transco (NGT). Macquarie acted as financial adviser, lead underwriter and debt and equity arranger. Acquisition facilities were provided by Barclays, Dresdner Kleinwort Wassterstein and Royal Bank of Scotland.
The Macquarie consortium (which includes Macquarie Bank, Macquarie Global Infrastructure Fund II, Industry Funds Management, AMP Capital Investors on behalf of AMP Life, The Northwestern Mutual Life Insurance Company, Canadian Pension Plan and Challenger Financial Services Group) was one of the 3 successful bidders in NGT’s auction of 4 regional gas distribution networks. The sale is expected to complete in second quarter 2005.
The sale involves a major restructuring of the gas distribution businesses in the UK (and follows on from previous electricity restructurings in which Herbert Smith were heavily involved).
The Herbert Smith team was led by Henry Davey and included partners Stephen Rayfield and Patrick Mitchell (consortium equity raising) and Simon Chadney (acquisition finance).