LONDON: The British Columbia Investment Management Corporation (BCI) and BBGI Global Infrastructure S.A. have agreed on terms for an all-cash offer for the entirety of BBGI’s issued and to-be-issued share capital. The offer, to be made by Bidco, a special limited partnership based in Luxembourg and indirectly controlled by BCI, will see BBGI shareholders receive 147.5 pence in cash per share.
The offer values BBGI at approximately £1.062 billion, a 21.1% premium to BBGI’s closing price of 121.8 pence on February 5, 2025, and a 20.1% premium to the three-month average price of 122.9 pence per share.
BCI, one of Canada’s largest institutional investors with CAD $250 billion in assets under management as of March 31, 2024, will execute the investment through its Infrastructure & Renewable Resources program. This initiative targets long-life assets across sectors such as regulated utilities, energy, telecommunications, transportation, timberlands, and agribusinesses.
BBGI CEO Duncan Ball remarked, “Since launching in 2011, BBGI has grown to one of the UK’s largest listed infrastructure funds. While confident in our sustainable cash flows, this offer provides shareholders a premium opportunity.”
BCI Senior Director of Infrastructure & Renewable Resources, Grant Hodgkins, added, “BBGI’s diverse, international portfolio aligns with BCI’s long-term investment strategy. We encourage shareholders to accept the offer for liquidity and immediate value.”
The boards of BBGI have concluded that the offer is in the best interests of both shareholders and the company.