<div id="readability-page-1">  <p><time datetime="2025-12-01T07:35:48+00:00">    Monday 01 December 2025 7:35 am  </time></p>             <figure>    <div>       </div> <img width="742" height="495" src="https://imageproxy.pbkrs.com/https://www.cityam.com/wp-content/uploads/2025/05/009-wind-turbines.jpg/query-dz03NDI?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://www.cityam.com/wp-content/uploads/2025/05/009-wind-turbines.jpg/query-dz03NDI"/>  <figcaption>TRIG owns several wind farm assets </figcaption> </figure> <p>A plan to merge two FTSE-listed funds to form the UK’s largest infrastructure investment firm has been abandoned after shareholders expressed frustration with the terms of the deal.</p><p>HICL Infrastructure said it will no longer be proceeding with its planned merger with The Renewables Infrastructure Group (TRIG), after its board “determined that it cannot progress the transaction without a substantial majority of support from its own investors.”</p><p>“Both boards remain convinced of the strategic rationale for the combination,” HICL added.</p><p>As part of the terms of the deal, TRIG shareholders would have had the option of a partial cash exit of up to £250m in aggregate, representing approximately 11 per cent of TRIG’s share capital.</p><p>Assuming full take-up of the partial cash option, HICL shareholders were expected to hold 56 per cent, and TRIG shareholders 44 per cent, of the combined company.</p><p>But the deal, first announced on 17 November, attracted significant pushback from shareholders.</p><p>“We see multiple reasons for TRIG shareholders to be excited by the proposal, but fewer for HICL shareholders, where a liquidity opportunity is lacking despite a material shift in strategy and portfolio,” analysts at Peel Hunt said.</p><p>“Whilst we applaud the boards of both companies for working on a transformative transaction, we are concerned by the balance of incentives for each set of shareholders.”</p><h2 id="h-government-and-energy-assets">Government and energy assets</h2><p>HICL was listed on the main market of the London Stock Exchange in 2006 and was originally set up to invest in infrastructure projects developed under the UK’s private finance initiative (PFI).</p><p>HICL’s portfolio includes a host of UK infrastructure assets such as the High Speed 1 rail link, the Westminster headquarters of the Home Office, The Northwood headquarters of the Ministry of Defence and Lewisham hospital.</p><p>TRIG, which was formed in 2013 to specialise in renewable infrastructure, operates a portfolio comprising stakes in several dozen wind and solar projects across Britain as well as further afield in Germany, France and Spain.</p> </div>

HICL

TRIG

<p>计划中的 FTSE 上市基金 HICL 基础设施与可再生能源基础设施集团（TRIG）合并，以形成英国最大的基础设施投资公司，因股东对交易条款的不满而被放弃。该合并于 11 月 17 日宣布，但遭到反对，因为 TRIG 的股东有部分现金退出选项，而 HICL 的股东缺乏流动性机会。尽管有战略上的合理性，董事会未能获得足够的投资者支持。HICL 和 TRIG 在英国和欧洲管理着大量基础设施和可再生能源资产</p>

由于股东的愤怒，重磅 FTSE 基础设施合并计划被放弃