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Equitix acquires stake in Wakefield PFI contract

02 Feb 2016

Equitix has today acquired, subject to obtaining Wakefield Council consent, 100% of the subordinated debt and 49.99%of the equity in the financing and infrastructure vehicle (the “SPV”) relating to the PFI contract with Wakefield Council from Shanks Group. The transaction has been signed by Shanks Group, has full bank consent and requires the formal approval of Wakefield Council which will be considered at the Council’s Cabinet meeting in March.

The asset consists of a municipal waste management PFI project situated within the city of Wakefield, West Yorkshire.  The project reached Financial Close in January 2013, with Full Service occurring in December 2015.   

Shanks remains wholly committed to the long term success of the Wakefield project through its retention of 50.01% of the equity in the SPV and the ongoing delivery of the associated 25 year operating contract which expires in 2038. 

Geoff Jackson, CEO, Equitix, commented: “Equitix continues to invest in the heart of local communities and in line with their funds’ investment criteria.  We are pleased to be building on our portfolio of local authority waste projects, which have long term concessions in place to deliver sustainable solutions to extract recyclates and divert household waste from landfill to build a greener local economy.” 

About Equitix:

Equitix was established in 2007 and is based in London. Equitix is an integrated core infrastructure asset management and primary project platform and typically invests in UK infrastructure projects with long-term revenue streams across the healthcare, education, social housing, highways and street lighting, offshore transmissions and renewable and waste sectors. Tetragon (TFG) owns 85% of the business; over time, TFG’s holding is expected to decline to approximately 74.8%. Management own the balance. Equitix Investment Management Limited is authorised and regulated by the UK Financial Conduct Authority. 

This release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any state or jurisdiction.