CMS has advised a consortium (the “Consortium”) of long-term infrastructure investors as National Grid plc announces it has agreed to sell a 61% equity interest in its UK gas distribution business (“NGGD”). Members of the Consortium include Macquarie Infrastructure and Real Assets, Allianz Capital Partners GmbH, Hermes Infrastructure, CIC Capital Corporation, Qatar Investment Authority, Dalmore Capital and Amber Infrastructure Limited/International Public Partnership. CMS is acting as co-counsel with Clifford Chance.
In consideration for the sale, National Grid will receive a payment of £3.6 billion from the Consortium (subject to certain completion adjustments) and will own a 39% minority interest in a new holding company for NGDD (“GasD HoldCo”).
The CMS team was led by Corporate partners Charles Currier and Sandra Rafferty and includes associate Roshni Pabari and lawyer Max Weaver from Corporate, partner Aaron Fairhurst from Tax, partner Munir Hassan from Energy and partner Maria Rodia from Pensions. National Grid were advised by Linklaters.
Commenting on the transaction, Charles Currier, Partner and Head of Corporate said: “We are pleased to have advised our client on this highly strategic transaction. The Consortium has a long-term commitment to the UK and significant experience in owning infrastructure assets, and we look forward to helping it get the transaction to completion in early 2017.”
