BCI’s £1.06bn acquisition of BBGI offers shareholders 147.5 pence per share, a 21.1% premium over its Feb. 5 closing price. BBGI’s management and supervisory boards unanimously recommended the offer, calling it an attractive opportunity for investors to realize value at a premium.
Grant Hodgkins, senior director of Infrastructure & Renewable Resources at BCI, highlighted the strategic benefits: “BBGI is a strong addition to our portfolio. With our expertise, global network, and long-term capital, we plan to drive further growth alongside BBGI’s experienced management team.”
Managing C$250bn ($175bn) in assets, BCI will integrate BBGI into its infrastructure program, which spans regulated utilities, energy, telecommunications, transportation, timberlands, and agribusiness. The deal, pending regulatory approvals in Germany, Canada, Australia, and the UK, includes a special asset sale mechanism to ensure full control, given BBGI’s Luxembourg incorporation and London Stock Exchange listing.
Simultaneously, BCI exited Hayfin Capital Management, selling its majority stake to private equity firm Arctos Partners. Since 2017, BCI helped Hayfin grow its assets under management from €8bn to over €33bn.
“Seven years ago, we saw an opportunity to invest in private credit and support Hayfin’s expansion,” said Jim Pittman, executive vice president & global head of Private Equity at BCI. “We’re pleased with how our strategic efforts have positioned Hayfin as a leading European alternative asset manager.”
Despite exiting its controlling stake, BCI remains a significant limited partner in Hayfin’s key private credit strategies. “We continue to view Hayfin as a core strategic partner in Europe,” added Daniel Garant, executive vice president & global head of Public Markets at BCI.
BCI’s latest moves come amid a surge in infrastructure deals. Apollo Global Management recently secured a $3bn partnership with Standard Chartered, while KKR and PSP Investments completed a $2.82bn acquisition of a 19.9% stake in American Electric Power’s transmission assets. Brookfield Asset Management is also eyeing a $1bn-plus investment in renewable energy platform Origis Energy.
On the fundraising front, Fengate Asset Management closed its Infrastructure Fund IV at $1.1bn, StepStone Group raised $1.4bn for its infrastructure co-investment fund, and Ridgewood Infrastructure secured $1.2bn for its second fund. Digital infrastructure is also seeing strong demand, with Macquarie Asset Management committing up to $5bn for Applied Digital’s North American data center expansion, while KKR plans to acquire a stake in Gulf Data Hub, a key Middle Eastern data center platform.
BCI’s recent transactions reinforce its position as a leading institutional investor in infrastructure and private credit, leveraging long-term capital to drive sustainable growth.
Source: Alternatives Watch
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