The board also intends to recommend that shareholders vote in favor of the proposed squeeze-out mechanism at the upcoming meeting.
Regulatory Hurdles and Expected Timeline
The transaction requires competition clearance in Germany and Canada, along with foreign direct investment approvals in Germany, Australia, and the U.K. The companies anticipate completing the deal by September 2025.
Strategic Rationale Behind the Acquisition
BCI, which manages CA$250 billion ($174 billion) in assets, sees BBGI as having an “attractive, established portfolio of core infrastructure assets” and a strong development platform with growth potential.
“BBGI’s growth and development will be best served as a private business under Bidco’s ownership, with access to capital and the benefit of a long-term investment approach,” BCI stated.
Grant Hodgkins, a senior director at BCI, emphasized that the bid represents “meaningful value for BBGI shareholders.”
Legal and Financial Advisors on the Deal
- Weil Gotshal & Manges (London) LLP is advising BCI on English legal matters.
- Elvinger Hoss Prussen SA is handling legal guidance for BCI and Bidco in Luxembourg.
- Norton Rose Fulbright is advising BBGI on English law.
- Allen Overy Shearman Sterling SCS is providing legal counsel to BBGI in Luxembourg.
- RBC Capital Markets and PricewaterhouseCoopers LLP are serving as financial advisers to BCI and Bidco.
With the BBGI £1bn takeover bid, BCI is reinforcing its infrastructure and renewables investment strategy, positioning itself as a key player in the long-term, stable asset market.
