Magic circle duo advise on Kuwaiti government's acquisition of North Sea gas business
Wren House Infrastructure Management will purchase North Sea Midstream Partners from private equity firm ArcLight Capital Partners for a reported $1.7bn
July 24, 2018 at 07:13 AM
2 minute read
Freshfields Bruckhaus Deringer and Slaughter and May have picked up roles on the sale of a North Sea gas business to the London-based arm of the Kuwaiti government's sovereign wealth fund, Wren House Infrastructure Management.
Wren House will buy all of private equity firm ArcLight Capital Partners' shares in North Sea Midstream Partners (NSMP), with the deal reportedly valued at $1.7bn (£1.3bn). NSMP operates four gas transportation businesses in and around the North Sea.
Wren House's existing UK infrastructure assets include Associated British Ports, London City Airport and Thames Water.
Freshfields is advising ArcLight on the deal. Corporate partner and co-head of natural resources Sam Newhouse, and Richard Thexton, co-head of infrastructure investors, are leading for the firm.
Slaughter and May is advising Wren House on the deal.
Freshfields advised a Canadian consortium that included Wren House on corporate matters for the purchase of London City Airport in 2016. Slaughters advised on the opposite side of the deal, advising City's previous owner Global Infrastructure Partners on the sale of its 75% stake in the airport.
Other recent deals within the sector include industrial gas giants Linde and Praxair selling a series of assets to private equity firms and industry rivals to pave the way for their mega-merger worth about $35bn (£26.7bn).
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