<div id="readability-page-1"> <time datetime="2025-11-17T08:08:50+00:00"> Monday 17 November 2025 8:08 am </time> <figure> <div> </div> <img width="742" height="495" src="https://imageproxy.pbkrs.com/https://www.cityam.com/wp-content/uploads/2025/11/Penare-Solar-GB-England--e1763365662315.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/2025/11/Penare-Solar-GB-England--e1763365662315.jpg/query-dz03NDI"/> <figcaption>The merged group will own a host of renewable energy assets | Image credit: TRIG</figcaption> </figure> Two of the UK’s biggest infrastructure funds have reached an agreement to merge in a blockbuster £5.3bn deal.FTSE 250-listed HICL Infrastructure and The Renewables Infrastructure Group (TRIG) said they had signed heads of terms on the business combination, in a move that will see voluntary winding up of TRIG, with TRIG’s assets transferred to HICL in exchange for the issue of new HICL shares and cash.The merger proposal, if signed off by shareholders and regulators, will see the formation of the UK’s largest listed infrastructure investment firm.Mike Bane, Chair of HICL, said: “The combination of HICL and TRIG represents a unique opportunity to capture the key megatrends shaping the infrastructure market today, which increasingly straddle both core infrastructure and the energy transition. “By combining two complementary portfolios and teams, the combined company will have the profile, expertise and access to capital to seek enhanced returns from a reinvigorated investment strategy.”HICL shares rose 5.2 per cent to 112p after markets opened on Monday morning, while TRIG shares slipped 0.4 per cent to 72p.TRIG shares had fallen by almost a fifth since the start of the year prior to the announcement of the merger. HICL shares had been down around two per cent.<h2 id="h-major-portfolio">Major portfolio</h2>As part of the terms of the deal, TRIG shareholders will have the option of a partial cash exit of up to £250m in aggregate, representing approximately 11 per cent of TRIG’s share capital.Assuming full take-up of the partial cash option, HICL shareholders are expected to hold 56 per cent, and TRIG shareholders 44 per cent, of the combined company.Shareholder meetings to approve the deal are set to be held in December, with the merger expected to be completed by the end of the first quarter of 2026.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).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.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. </div>

TRIG

HICL 基礎設施和可再生能源基礎設施集團（TRIG）已達成合並協議，交易金額為 53 億英鎊，形成英國最大的上市基礎設施投資公司。TRIG 將自願解散，其資產將轉移給 HICL，以換取新股和現金。此次合併旨在把握關鍵基礎設施市場趨勢並提升投資回報。HICL 的股價上漲了 5.2%，而 TRIG 的股價下跌了 0.4%。股東會議定於 12 月舉行，預計將在 2026 年第一季度完成

關於 53 億英鎊的 FTSE 250 基礎設施合併，已達成主要條款協議