A proposed merger between HICL Infrastructure and The Renewables Infrastructure Group (TRIG), two listed infrastructure investment companies managed by InfraRed Capital Partners, will not move forward, the board of HICL announced on Dec. 1, citing governance concerns and investor pushback.
The combination would have created the United Kingdom’s largest listed infrastructure investment company with more than £5.3 billion ($7 billion) in net assets.
“Both boards remain convinced of the strategic rationale for the combination,” said a statement on the HICL website. “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. Each company remains well positioned as an independent business, with high-quality portfolios, strong managemen
