Nabarro leads as Balfour Beatty rejects £1bn bid by John Laing fund for PPP assets
Nabarro took the leading role on FTSE 250 investor John Laing Infrastructure Fund's (JLIF's) failed £1bn bid for Balfour Beatty's public-private partnership (PPP) portfolio.
December 07, 2014 at 07:10 PM
2 minute read
Nabarro took the leading role on FTSE 250 investor John Laing Infrastructure Fund's (JLIF's) failed £1bn bid for Balfour Beatty's public-private partnership (PPP) portfolio.
JLIF, which is a FTSE 250 investor, offered around £1bn in cash in a non-binding proposal for Balfour Beatty's investment arm. Balfour Beatty rejected the offer on Friday (5 December), finding that it fell "significantly short of its own view of the value of the portfolio".
Nabarro advised JLIF with a team led by corporate partners Kristy Duane and Alasdair Steele.
It is not clear which firm acted for Balfour Beatty, but Linklaters regularly advises the infrastructure group on major corporate deals and sources indicated the firm was likely to have been mandated on the JLIF bid.
The magic circle firm acted for Balfour Beatty on the UK law aspects of the sale of its US professional services division to Canadian company WSP Global Inc earlier in September.
Linklaters has also represented Balfour Beatty on deals including the £190m sale of its UK facilities management business to GDF Suez Energy last year.
Nabarro is a frequent adviser to JLIF and has acted for the company on mandates including its £240m fundraising in September last year, and £39m acquisition of three private finance initiative/PPP projects from the John Laing Group in September this year.
Last year Balfour Beatty brought in Pinsent Masons as its sole adviser on the company's day-to-day legal work, with more complex M&A and litigation work handled by its legal panel, which includes Linklaters as well as Eversheds, Berwin Leighton Paisner and Allen & Overy.
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