HICL Infrastructure has halted the planned merger with The Renewables Infrastructure Group (TRIG), citing insufficient support from its investors.
Last month, HICL and TRIG set out plans to combine their assets to create the UK’s largest listed infrastructure investment company.
The proposed merger involved the voluntary winding up of TRIG, with its assets transferred to HICL in exchange for the issue of new shares and cash.
The London-listed trusts said at the time that the enlarged group would have net assets of more than £5.3bn (€6bn). In the latest update, HICL and TRIG said the proposed merger will not proceed.
“Both boards remain convinced of the strategic rationale for the combination. However, following broad engagement with shareholders, the HICL board determined that it cannot progress the transaction without a substantial majority of support from its own investors,” the companies said in a joint statement.
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