Norton Rose Fulbright advises on £710 million recommended consortium bid for Renewi

Global law firm Norton Rose Fulbright is advising Citigroup Global Markets Limited (Citi) as financial adviser to Earth Bidco B.V., a newly formed company indirectly controlled by Macquarie European Infrastructure Fund 7 SCSp (MEIF 7) and BCI UK IRR Limited (an indirect subsidiary of British Columbia Investment Management Corporation (BCI, and together with MEIF 7, the Consortium) on their £710 million recommended cash offer for Renewi plc (Renewi).  Under the terms of the Offer, Renewi shareholders will receive 870 pence per share.

Macquarie Asset Management is a global asset manager, integrated across public and private markets, managing approximately £474 billion in assets and providing a diverse range of investment solutions including real assets, real estate, credit and equities & multi-asset. Macquarie Asset Management is part of Macquarie Group, a diversified financial group providing clients with asset management, finance, banking, advisory, and risk and capital solutions across debt, equity and commodities. Founded in 1969, Macquarie Group employs over 20,600 people in 34 markets and is listed on the Australian Securities Exchange.

BCI is amongst the largest institutional investors in Canada, with c.$250 billion in gross assets under management.  BCI manages a portfolio of diversified public and private market investments on behalf of its British Columbia public pension fund and institutional clients.  BCI’s investment in Renewi will be made by BCI’s Infrastructure & Renewable Resources program, which invests in tangible long-life assets that include a portfolio of direct investments in companies across a variety of sectors spanning regulated utilities, energy, telecommunications, transportation, timberlands and agri-businesses.

The London-based Norton Rose Fulbright team is being led by corporate partner Paul Whitelock supported by corporate associate, Seamus Connelly.