John Laing sees ‘exciting opportunities’ following HICL portfolio acquisition

Developer John Laing has acquired a portfolio of four PFI/PPP contracts, plus a stake in an offshore transmission owner (OFTO) project as it looks to enter the transmission market.

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The firm has agreed to acquire HICL Infrastructure’s entire equity interest in the Oxford John Radcliffe Hospital PFI; the Queen's Hospital PFI in Romford; the South Ayrshire Schools PFI; and the Priority Schools Building Programme North East Batch.

It has also agreed to take HICL’s 37.5% stake in the Hornsea II OFTO scheme, with the total consideration for the portfolio amounting to £204m.

“These assets further diversify our current portfolio, building on our extensive education, health and renewable energy experience,” said John Laing chief executive, Andrew Truscott. “The transaction also marks our entry into the growing transmission sector, where we see exciting opportunities.”

John Laing was advised by BNP Paribas, White & Case, Gibson Dunn, Arup, Aon, PwC and ERM.