White & Case advises John Laing Group on acquisition of portfolio of UK assets from HICL Infrastructure

Global law firm White & Case LLP has advised John Laing Group on the acquisition of HICL Infrastructure PLC’s (HICL) entire equity interest in four UK public-private partnership projects and a 37.5 percent stake in the Hornsea II offshore transmission assets for a total consideration of £204 million. 

The portfolio of assets consists of the following:

• The offshore transmission assets associated with the Hornsea II windfarm (Hornsea II Offshore Transmission Owner (OFTO));
• The Oxford John Radcliffe Hospital private finance initiative (PFI) project, a concession to finance, construct, operate and maintain a new wing adjacent to the former Radcliffe Infirmary in Oxford;
• The Queens Hospital PFI project in Romford, a concession to finance, construct, operate, and maintain the new Queen’s Hospital in Romford, Essex;
• The South Ayrshire Schools PFI project, a concession to finance, construct, operate and maintain three primary schools, two new secondary schools and a new performing arts annex at an existing secondary school on the western coast of Scotland; and
• The Priority Schools Building Programme North East Batch, a project to finance, construct, operate and maintain six new secondary schools and six new primary schools spanning seven local authorities in Tyne and Wear, Northumberland and County Durham.

All five acquisitions are expected to complete before the end of March 2024.

John Laing is a leading international investor and active manager of core infrastructure assets. It invests across the spectrum of development, in construction, and already operational assets, and across a range of sectors, including transportation, energy and utilities, telecommunications and social infrastructure.

The White & Case team which advised on the transaction was led by partner Sandra Rafferty, with support from partners Simon Caridia, Jessica Kemp, Anneka Randhawa (all London) and Sara Nordin (Brussels, Stockholm), counsel Lis Blunsdon (London) and associates Adnan Bekdur (Dubai), Daniel Hannuna (London, Dubai), Josephine Levick, Alec Buchanan, Lauren Vallender, Lia Adalia, Alice Parsons and Mhairi Fraser (all London).

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