Kirkland's London office bags I Squared Capital as new client
US firm has won buyout house I Squared Capital as a new client, advising it on the €1bn acquisition of an Irish power company
April 07, 2016 at 12:03 AM
2 minute read
Kirkland & Ellis's City office has brought in US private equity group I Squared Capital as a new client.
The client win comes as a result of securing the mandate to advise on the company's €1bn (£0.8bn) acquisition of Irish power company Viridian, announced last week.
London corporate partner David Arnold is leading the firm's team on the deal alongside fellow corporate partner Carl Bradshaw.
I Squared Capital, which also owns US and India-based renewable energy assets, was founded in 2012 by former Morgan Stanley executives. It raised around $3bn (£2bn) for its debut global infrastructure fund last year and counts Mitsubishi Corp and US pension plans such as Rhode Island ERS, Hawaii ERS, and New Mexico ERB among its investors.
Bahrain-based private equity company Arcapita currently owns Viridian. Arcapita has instructed White & Case on the transaction with a team led by private equity partners Ian Bagshaw and Caroline Sherrell.
The deal is expected to complete during the second quarter of 2016.
Arnold (pictured) said: "We are seeing more and more specialist hard asset funds in the real estate and infrastructure markets. I got involved with I Squared Capital as I have experience in that space."
I Squared Capital may use the Viridian deal to invest further in Europe, he said. "It is certainly a possibility that they will seek further growth in Europe. I wouldn't rule it out. They may look for add-ons for that asset [Viridian]," he said.
Arnold added that the deal was "opportunistic" and that "everyone knew it would come up for sale at some point".
In 2010, Slaughter and May and Linklaters advised on the sale of Northern Ireland Electricity (NIE), the electricity transmission and distribution business of the Viridian Group, for £1bn to ESB, the main electricity company in the Republic of Ireland.
Slaughters advised ESB and Linklaters took the lead role for NIE.
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