Canadian Pension BCI Offers To Take Infra Firm BBGI Private in £1B+ Deal

The British Columbia Investment Management Company (BCI) has made a cash bid to take Luxembourg-based BBGI Global Infrastructure private in a deal that would value the company at approximately £1.062 (~$1.3B).

The transaction will be executed through BCI’s special limited partnership Bidco, formed by the Canadian pension under Luxembourg law specifically to make the offer, and made through its infrastructure and renewable resources program, which invests in tangible long-life assets that include direct investments in utilities, energy, telecommunications, transportation, timberland, and agricultural businesses. BCI has proposed a cash offer that represents a 21.1% premium to the infrastructure firm's February 5 closing price on the London Stock Exchange. The offer is expected to close in the third quarter.

Weil, Gotshal & Manges London is serving as English legal advisor and Elvinger Hoss Prussen S.A. as Luxembourg legal advisor to Bidco and BCI, while Norton Rose Fulbright LLP is acting as English legal advisor and A&O Shearman SCS as Luxembourg legal advisor to BBGI. BCI said it manages C$250B (~$175B) in gross assets as of March 31, 2024.

Written By: Dakota

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Canadian Pension BCI Offers To Take Infra Firm BBGI Private in £1B+ Deal

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