HICL withdraws from TRIG merger deal amid lack of investor support
Renewables Infrastructure Group Ltd and HICL Infrastructure PLC on Monday said they will no longer proceed with their proposed combination, as HICL withdraws from the deal.
HICL, a London-based closed-ended infrastructure investment company, said that while it remains ‘convinced’ of the combination’s strategic rationale, it is unable to advance the transaction without a substantial majority of support from its investors.
HICL announced in November that it had agreed to a merger with TRIG, which would have created an investment firm with net assets above £5.3 billion, putting it on course for possible entry to the FTSE 100.
The deal would have seen the voluntary winding up of TRIG, a trust which invests in assets generating electricity from renewable sources, with its assets transferred to HICL.
TRIG said it regrets that investors will not have the chance to vote on the planned merger, which it believed would have created the largest listed UK infrastructure investment company.
‘Our focus now returns to delivering TRIG’s attractive standalone strategy. TRIG is a well-established platform with high quality assets, a competitive pipeline of opportunities, and deep renewables and energy storage expertise,’ said TRIG Chair Richard Morse.
Shares in TRIG fell 4.0% to 71.20 pence on Monday morning in London, while HICL stock rose 3.7% to 117.40p a share.
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