£3.98bn mega-merger scrapped

London’s Canary Wharf at night (Image: Ross via AdobeStock - stock.adobe.com)

The deal, announced last month, would have combined HICL’s portfolio of more than 100 core infrastructure assets across social infrastructure, utilities and transport, with TRIG’s 2.3 GW renewables platform of solar, onshore and offshore wind, and battery storage projects.

Should it have been completed, the company would have had combined net assets of more than £5.3 billion, making it the UK’s largest infrastructure investment firm.

A joint statement on the London Stock Exchange added that the HICL Board determined that it cannot progress the transaction without a substantial majority of support from its own investors.

A statement from TRIG said investors will not have the opportunity to vote on the decision, and it would now focus on dlivering its own strategy.

Richard Morse, chair of TRIG, said: “TRIG is a well-established platform with high quality assets, a competitive pipeline of opportunities, and deep renewables and energy storage expertise.

“We are uniquely placed to capitalise on the demand growth for low carbon, reliable power and to capture the commercial opportunities as economies across the UK and Europe electrify and decarbonise.

“Doing so will allow us to deliver sustainable value and growth for our shareholders, with whom we will continue to engage on the path ahead.”