Download PDF Introduction In recent years, major water suppliers in England, privatized by Margaret Thatcher’s government in 1989, have encountered significant financial difficulties due to critical level of leverage in the higher interest rate environment and substantial fines for sewage pollution. As of 2023, 8 companies had debt-to-capital ratios exceeding Read more…
Download PDF Introduction: Infrastructure as an Asset Class Infrastructure investing involves allocating capital towards large-scale physical and organisational structures that provide essential services, such as transportation, energy, water, and telecommunications. These assets are critical for the functioning and growth of economies, often offering long-term, stable returns for investors. Infrastructure investments Read more…
Download PDF Introduction Thames Water, the biggest water supplier in England, which was privatised by Margaret Thatcher’s government in 1989, is now facing a messy debt restructuring or even the prospect of a temporary renationalisation under the government’s special administration regime. In the higher interest rate environment, the company has Read more…
Download PDF Introduction: The TMT sector focuses on Technology, Media and Telecommunications and is oftentimes the leading fee generating business unit for Investment Banks worldwide. From regional boutiques to large household names like Goldman Sachs, deals are fought over what is seemingly the sector we interface with the most in Read more…
Download PDF Introduction & Background In a time marked by significant shifts in infrastructure demand driven by the energy transition and the development of new technologies, project finance has emerged as a pivotal financing mechanism. Following the 2008 financial crisis, the stricter regulation on banks and their lending requirements has Read more…
Download PDF Introduction In 2010, it was a head-scratcher as to why FIFA would pick Qatar as the 2022 World Cup host. A single football stadium, scorching heat, and a national team ranked 96th in the FIFA world ranking. FIFA’s own technical committee rated it the worst of all bids Read more…
Download PDF Introduction On April 14th, it was announced that Italy’s known Benetton family and US investment fund Blackstone made a buyout offer for Atlantia, valuing the company at €54.3bn. What could be the second biggest deal of the year globally, only behind Activision Blizzard acquisition by Microsoft ($69bn), would Read more…
Download PDF Introduction Project Finance is a method of financing for capital-intensive infrastructure projects that depends on project cash flows to cover operating expenses and pay outstanding debt. Project Financing may refer to the construction of new installations, or the refinancing of already existing ones. It is used in many Read more…
Download PDF A primer on the Airport industry in Europe This second part on the air transport industry reaction to the COVID-19 pandemic (part one here) will focus on the infrastructure investment business revolving around airport ownership. Airports are a significant piece of infrastructure that enables air travel. As we Read more…
Download PDF The Telco Business The importance of the telecom industry has been brought to light in recent months as the global pandemic forced millions to work from home resulting in huge increases in reliance on mobile phone networks and broadband. The telecommunication sector, as a whole, can be Read more…
EQT AB [STO:EQT] – Market Cap as of 04/10/2019 SEK 83.58bn (USD 8.49bn) Introduction On Tuesday, September 24th 2019, the Swedish group EQT— the second largest Private Equity group in Europe — listed on the Stockholm Nasdaq in what was the biggest Private Equity listing of the past decade and Read more…
Hochtief AG (ETR: HOT) – market cap as of 03/11/17: €9.87bn Atlantia SpA (BIT: ATL) – market cap as of 03/11/17: €22.68bn Abertis Infraestructuras S.A. (BME: ABE) – market cap as of 03/11/17: €18.34bn Introduction On October 19, the German construction company Hochtief announced a counterbid of c. €19bn for Read more…
Pembina Pipeline Corp (NYSE:PBA) – market cap as of 05/05/2017: $17.38bn Veresen Inc. (TSE:VSN) – market cap as of 05/05/2017: C$5.81bn ($4.26bn) Introduction On May 1, 2017, Pembina Pipeline Corp. announced that it had agreed to buy smaller rival Veresen Inc. for about C$9.7bn, either paid through stock or cash, Read more…
Grupo Mexico S.A.B. de C.V. (BMV: GMEXICOB) — market cap as of 07/04/2017: MXN438.12bn ($23.47bn) Introduction On March 28, 2017, Mexican mining and railroad conglomerate Grupo Mexico SAB has agreed to buy Florida East Coast Railway Holdings Corp. (FEC) in a $2.1bn deal. By means of this purchase, Grupo México Read more…
The rhetoric for increased infrastructure spending as a fiscal stimulus has been particularly popular this fall. Firstly, Mr. Trump in his campaign claimed that he is going “to fix inner cities and rebuild highways, bridges, tunnels, airports, schools and hospitals”. Also, Phillip Hammond, the UK chancellor, in his Autumn Statement Read more…