Overview
- Under the signed heads of terms, TRIG would be wound up and its assets transferred to HICL in exchange for new HICL shares plus cash.
- TRIG investors are offered a partial cash exit of up to £250m, about 11% of TRIG’s capital, though some coverage cites a £350m liquidity figure.
- If the cash option is fully taken, the combined company is expected to be owned roughly 56% by HICL shareholders and 44% by TRIG shareholders.
- The companies frame the tie-up as combining HICL’s core social and transport infrastructure with TRIG’s renewables portfolio to create a larger, more diversified vehicle of roughly £5.3bn in net assets.
- The transaction remains subject to shareholder and regulatory approval, and initial market moves and analyst commentary indicated a mixed reception.