Infrastructure M&A: Journey to the non-core

Infrastructure
M&A: Journey
to the non-core
How non-core infrastructure investing
has grown in a new world of increased
competition and lower returns in the
European infrastructure marketplace

II White & Case
Contents
How the European infrastructure
M&A market is changing
Page 3
The shift to non-core
infrastructure—who’s
investing where?
Page 7
Six steps to non-core
infrastructure success
Page 12
Methodology
For this report, InfraDeals analysed European M&A transactions
that reached financial close in the infrastructure sector between
the years 2010 and 2016. InfraDeals is concerned solely with
infrastructure transactions that have been financed with private
sector equity investment. For the purpose of this report,
M&A transactions were categorised as the sale of equity in
operational assets across the transport, power, environment
and telecommunications sectors in Europe.
These sectors are defined as:
…… Transport: airports, roads, rail, ports, bridges, tunnels, light rail
and car parks
…… Power: project-financed energy generation, oil and gas
storage, plus energy transmission and distribution
…… Environment: waste, wastewater and water treatment
facilities transmission
…… Social infrastructure: healthcare, education, prisons, defence,
social accommodation, street lighting, leisure
…… Telecommunications: fixed line, wireless
InfraDeals categorised these transactions as either core
infrastructure investments or non-core infrastructure investments
(see Glossary, page 5).

1Infrastructure M&A: Journey to the non-core
Institutional investors are increasing their investments in
core infrastructure and aggressively competing with funds.
This increased appetite has forced fund managers to search
for riskier assets outside of the mainstream.
O
ver the past seven years, institutional investors and funds have been battling each other
for the most prized infrastructure assets. This competition has led to a steep increase in
both European infrastructure M&A and a corresponding drop in returns from such assets.
In the main, these contests have been over “core” infrastructure—defined as regulated,
monopolistic energy, transport and environmental assets. These are viewed as the safest and
most attractive way for institutional investors to secure the types of long-term yield required to
match their liabilities.
As a result, infrastructure funds that have traditionally been active in the sector are being pushed
to work harder to source the types of deals that will generate the returns that they have enjoyed
in the past—and that their limited partners have come to expect.
Corporate-owned, neglected core infrastructure assets can still provide some of the deal flow
for infrastructure funds, but the search for an adequate level of exit potential that provides robust
returns has increasingly pushed asset managers into areas of “non-core” infrastructure. These
assets are seen as having greater market risks, such as power price exposure, short-term contracts,
geopolitical risks, less sophisticated regulatory regimes and/or contract renewal risks, but they
often offer better returns than core assets.
Although this recent trend towards non-core investing by infrastructure funds has been noted,
the maturing nature of the non-core infrastructure space has now opened the door for institutional
investors to move into the space. Institutionals have, like their more nimble asset manager
counterparts, increased their risk appetites and are now prepared to acquire non-core assets and
to do so in an increasingly competitive fashion. With allocations to the infrastructure asset class
projected to double over the next decade and the competition for core infrastructure showing
no sign of receding, this non-core shift will only accelerate in the coming years.
This report, developed with the Inframation Group, explores the shift in infrastructure dealmaking
by institutional and infrastructure investors alike in the non-core infrastructure space. We investigate
where the key battlegrounds are in the increasingly competitive infrastructure landscape; the
opportunities and challenges for both sets of investors; and we ask how funds can survive and
thrive in this brave new world of infrastructure dealmaking.
The evolving landscape of
infrastructure dealmaking

How the European
infrastructure M&A
market is changing
S
ince the turn of the decade,
infrastructure M&A deal value
has grown by 75 per cent.
With the continued low interest
rate environment at the global
macroeconomic level, the yields
on offer in the infrastructure asset
sector have become increasingly
attractive to institutional investors
and limited partners alike. Indeed,
fundraising for asset managers
targeting infrastructure assets hit
record levels in 2016.
Institutionals dominate the core
Since 2010, and particularly in the
early years of the decade, core
infrastructure capital allocation has
dominated the marketplace, both
in terms of volume and value. Over
the period, assets have largely
been split between power (51 per
cent) and transport (34 per cent),
with environmental, social and
Core infrastructure vs non-core infrastructure by value, 2010 – 2016
Core infrastructure vs non-core infrastructure by volume, 2010 – 2016
Value(€billion)
0
5
10
15
20
25
2016201520142013201220112010
Non-core infrastructureCore infrastructure
Numberofdeals
0
20
40
60
80
100
2016201520142013201220112010
Non-core infrastructureCore infrastructure
Theyieldsonoffer
intheinfrastructure
sectorhavebecome
increasinglyattractive
toinstitutional
investorsandlimited
partnersalike
HEADLINES
n Overall appetite for infrastructure investment remains strong. M&A deal value rose 75 per cent from 2010 to 2016. Deal volume grew
196 per cent over this period nThe number and value of investments in core infrastructure rose in 2016, compared with 2015, with 88
deals (up 15 per cent) valued at €19.4 billion (up 19 per cent) n Investment in non-core European infrastructure more than tripled over the
last seven years, from €4.23 billion in 2010 to €14.46 billion in 2016. Deal volume rose by 315 per cent from 13 deals in 2010 to 54 in 2016
Source:InfraDeals

4 White & Case
In the beginning, this increase
could largely be attributed to the
focus shift of infrastructure funds,
but more recent transaction data
demonstrates a growing contribution
from institutional investors to the
non-core sector as well. And, as
we will see in the next chapter, the
battle for the best non-core assets
in Europe is heating up.
expertise and technical knowledge
to drive up cash flow and revenues
while also driving down costs,
increasing efficiencies and improving
capital structures. One such example
is AffinityWater, which Morgan
Stanley Infrastructure Partners and
Infracapital acquired from Veolia in
2012. As Morgan Stanley managing
director Alberto Donzelli says: “There
continues to be a lot of opportunities
in this space across the European
market—be it in utilities, transport,
telecoms or leasing companies.”
The rise of non-core
However, as competition has
forced down anticipated returns
for core assets into single digits,
infrastructure funds have increasingly
turned their attention to the non-core
sector over the past six years.
This is evidenced by the fact that
core infrastructure has ceded ground
to non-core infrastructure with a
decrease in total market share from
78 per cent in 2010 to 57 per cent
by 2016.
Non-core investment by volume
has been continuously on the
rise since 2013, climbing from
15 transactions to 54 in 2016.
And, in the past six years, capital
invested in non-core infrastructure
has increased from €4.23 billion to
€14.46 billion—a 250 per cent rise.
telecommunications infrastructure
receiving a more modest share of
investment levels.
A hallmark of the European
infrastructure market has been the
increased domination of institutional
investors in competitive auction
processes for core assets such
as major international airports
and national gas distribution
networks. This competitive drive
has correspondingly driven down
returns. When combined with the
increased appetite on the part
of Asian investors and Middle
Eastern sovereign wealth funds, the
European infrastructure marketplace
has never been more competitive.
The Ontario Teachers’ Pension
Plan–led acquisition of London City
Airport from Global Infrastructure
Partners in March 2016 is just one
example in a long line of institutional
investor-dominated M&A processes.
There are certain exceptions within
the core infrastructure space where
infrastructure funds are still ready
to invest.These include neglected
assets owned by corporates that
do not have the incentive to spend
time boosting the performance of
a particular division.
In these situations, the relevant
assets can be carved out and
optimised by infrastructure funds.
They have the necessary operational
Core infrastructure analysis by
value, 2010 – 2016
Core infrastructure analysis by
volume, 2010 – 2016
6%
1%
51%
35%
7%
PowerTransport
EnvironmentTelecommunications
Social infrastructure
35%
1%
21%
34%
7%
2%
PowerTransport
OtherTelecommunications
Social infrastructure Environment
54
Total number
of non-core
investments in
2016, up from
13 in 2013
75%
Rise in
infrastructure
M&A value from
2010 to 2016
Source:InfraDeals
Non-core investment
by volume has been
continuously on
the rise since 2013,
climbing from 15
transactions to 54
in 2016

Glossary
Institutional investors: These include
insurance companies, public and private
pension funds, and sovereign wealth funds.
Core infrastructure: This includes assets with
the following characteristics:
…… Generation facilities that are operational and
have a long-term off-take agreement with
an investment-grade counter-party, or gas or
electricity distribution businesses operating
in a stable regulatory environment
…… When the asset is a public-private
partnership (PPP) and/or its revenue stream
is contracted on a long-term basis with
an investment-grade counter-party
…… Assets that provide essential services
and have a monopolistic position in their
sector and/or region
Non-core infrastructure: These assets lack the
properties noted above, and are more exposed
to factors such as demand and construction
risk as well as increased competition.
Examples of core infrastructure assets
include UK-regulated water utilities or the
recently sold Nice and Lyon airports in France.
Non-core infrastructure examples include
airport equipment leasing or crematoria
businesses.
Global unlisted infrastructure fundraising, 2006 – 2016
US$billion
Numberoffunds
0
10,000
20,000
30,000
40,000
50,000
20162015201420132012201120102009200820072006
Number of closed fundsAggregate fund value
0
10
20
30
40
50
Source:InfraDeals

T
he investment levels in non-
core European infrastructure
assets have more than
tripled over the last seven years.
And infrastructure funds have
been the most active players in
the non-core infrastructure space—
accounting for between 44 per
cent and 66 per cent of investment
volumes in non-core infrastructure
M&A activity between 2014 and 2016.
Although the crowded core
infrastructure space and lack
of quality returns were the main
factors that led to this migration,
InfraDeals data shows that these same
dynamics are increasingly forcing their
way into the non-core space.
A review of the most recent deals
in the space shows that institutional
investors are now steadily following
their infrastructure fund counterparts
into this lucrative area.
In 2011, infrastructure funds were
largely the only investors in non-core
infrastructure. However, in 2013,
for example, institutional investors
contributed a 48 per cent share of the
segment, although this plummeted
to just 3 per cent in 2016. Fluctuating
levels of institutional investment in
non-core can partially be explained by
the cyclical nature of infrastructure
fund asset disposals—large non-core
divestments do not necessarily occur
every year.While there have certainly
been ebbs and flows in the level of
institutional investor involvement, it is
clear that infrastructure funds can no
longer take the non-core marketplace
for granted.
Non-core sector watch
On a sectoral level, InfraDeals data
reveals that transport (41 per cent)
Core infrastructure analysis by equity
investor type, 2010 – 2016
Non-core infrastructure analysis by
equity investor type, 2010 – 2016
1%
7%
2%
48%
23%
13%
6%
Sovereign wealth
company
Infrastructure fund
Investment ﬁrm
Corporate
Public pension
Private pension Other
9%
53%
14%
11%
2%
2%
9%
Insurance companyInfrastructure fund
Investment ﬁrmCorporate
Public pension
Private pension
Other
The shift to non-core
infrastructure—who’s
investing where?
HEADLINES
n Between 2010 and 2016, more than half (53 per cent) of all non-core infrastructure investment was made by infrastructure funds
n In value terms, transport (41 per cent) and power (28 per cent) are the main sectors for non-core infrastructure investment, with
assets such as car parks, motorway services and midstream oil and gas assets leading the way n Western Europe is the main region
for non-core investment, with the UK market leading the way. From 2010 to 2016, non-core investment levels in the UK market
amounted to €16.67 billion—double that of Germany, the second-most popular market for non-core capital n Despite the UK’s
impending exit from the EU, UK investment levels are forecast to hold up in the coming years
Source:InfraDeals

8 White & Case
and power (28 per cent) lead the
way for non-core investments—
although such transactions tend to
occur sporadically across a diverse
range of sectors.
Within the transport sector, rolling
stock remains a popular non-core
infrastructure sector. While rolling
stock in the UK has passed into
the hands of institutional investors
and is viewed largely as a core
asset, in continental Europe rolling
stock assets fall within the non-core
classification. This is due to the
increased competitive dynamics
within the sector as markets
continue to free up and investors
look to capitalise on the trend of
train-operating companies moving
away from owning their own fleet.
While PSP Investments, Arcus
Infrastructure Partners and
AMP Capital continue to back
Luxembourg-based Alpha Trains,
originally part of the Angel Trains
Group acquired back in 2008, there
are numerous other examples of
these transactions in recent years.
Morgan Stanley Infrastructure
Partners acquired a minority position
in German-based VTG, and Deutsche
Alternative Asset Management took
a 50 per cent stake in France-based
Akiem in 2016. Looking ahead,
J.P. Morgan is understood to be
in exclusive talks to acquire UK-
based group Beacon Rail from
Pamplona Capital Management.
These assets have strong market
positions but all are exposed
to competition.To add value,
investors must improve operational
performance.This includes tightening
up maintenance and scheduling
while also pursuing acquisitive
growth strategies through bolt-ons
and opportunistic acquisitions of
smaller rolling stock fleets.
Getting smart
Smart metering is another non-
core asset class that has attracted
interest from both infrastructure
funds and institutional investors
alike. For several years, EU countries
have promoted the rollout of
smart gas and electricity meters
as a way of aiding consumer
energy efficiency efforts, and this
deployment is now in full swing.
KKR Infrastructure’s acquisition of
Calvin Capital from Infracapital at
the start of 2017 is the most recent
example of a deal in this sector.
However, it is an area that
comes with a number of challenges.
For example, the German smart
meter market is unregulated,
with revenue derived from short-
term contracts. This is a feature
bidders will have to factor in if, as
anticipated, Macquarie-owned
Techem is put up for sale this year.
In the medium to long term, the
market will also be exposed to
technology risk as the metering
and energy servicing space
continues to digitalise.
Strong support
Funds are also increasingly targeting
services groups that support the
operation of infrastructure assets.
The asset-heavy nature of these
businesses makes them attractive,
as this serves as a barrier to entry
for any potential new entrants.
AMP Capital and 3i Infrastructure’s
acquisition of Danish company
ESVAGT—a provider of emergency
response and rescue vessel
services to the Nordic offshore oil
and gas industry—in 2015 is a clear
example of this trend. Deutsche
Asset and Wealth Management
and 3i Infrastructure’s acquisition of
Belgium-based airport equipment
leasing business TCR in 2016 proves
that it is likely to continue.
However, such transactions
can throw up financing challenges
for supporting banks that do
not always know whether to
categorise these deals as private
equity or infrastructure.
Non-core infrastructure analysis by equity investor type by value, 2010 – 2016
0% 20% 40% 60% 80% 100%
2010
2011
2012
2013
2014
2015
2016
Public pension
Private pension
Infrastructure fund
Corporate
Sovereign wealth company
Joint venture company
Investment ﬁrm
Other
Insurance company
Government agency
41%
Percentage
of total capital
allocations
deployed
to non-core
assets in the
transport sector
66%
Proportion of
non-core
infrastructure
investment made
by infrastructure
funds in 2016 Source:InfraDeals

Parking matters
Car park assets, which can
offer good visibility on revenues,
depending on where they are
located, are another market segment
attracting widespread investment.
Investors are currently bidding for
the Q-Parks car park business in the
Netherlands for example. However,
car parks are still subject to demand
risk and varying levels of competition.
“The risk profile of car parks
depends on where the asset is, there
are some that are core—and there
are others that are non-core—for the
right asset, where there are high
barriers to entry and it’s a de-facto
natural monopoly, I’m not surprised
to see aggressive bidding,” says
Morgan Stanley’s Donzelli.
Non-core cross-selling
Recent sector activity indicates
some early investors in the non-core
space have now sufficiently de-
risked their non-core assets enough
to entice institutional investors
into their auctions and thereby
contribute to the wider migratory
trend of institutional investors into
the marketplace.
EQT Infrastructure’s divestment of
KooleTerminals in the Netherlands in
2015 to OTPP and J.P. Morgan is one
such example. In addition, non-core
sectors including car parks—such
as Vinci Parks in France, acquired by
Crédit Agricole Assurances (CAA)
subsidiary Predica, together with
Ardian Infrastructure in 2014—and
motorway services such as German
group Tank & Rast, acquired by
ADIA, Allianz, Borealis and MEAG
in 2015—have recently drawn
in large capital volumes from
institutional investors who have
grown increasingly comfortable
with the risk profile and yield
potential of these asset classes.
The regional picture
When it comes to regional
investment in non-core assets, the
data reveals a bias for investment
in Western European markets, as
these jurisdictions offer relatively
low levels of political, regulatory
and economic volatility.
The UK is the clear winner
in terms of capital deployed to non-
core infrastructure. From 2010 to
2016, it saw €16.67 billion being
invested into its non-core sector,
easily dwarfing the German market,
which took in €8.06 billion over the
same period.
In the UK, the transport sector
received the lion’s share of
non-core capital led by big ticket
investments into three UK rolling
stock companies—Angel Trains,
Eversholt and Porterbrook.
Transportationassetshavestrong
marketpositionsbutallare
exposedtocompetition.Investors
mustimproveoperational
performancewhilealsopursuing
acquisitivegrowthstrategies
Non-core infrastructure sector
by value, 2010 – 2016
Five of the best
The table below shows five of the highest value non-core European
deals between 2015 to 2017
Non-core infrastructure sector
by volume, 2010 – 2016
16%
4%
1%
28%
41%
10%
PowerTransport
16%
6%
7%
30%
29%
12%
PowerTransport
Asset/sector Country/year Buyer Seller
Tank & Rast
Motorway
services
Germany, 2015 ADIA, Allianz,
Borealis, MEAG
Deutsche Alternative
Asset Management,
Terra Firma
TCR
Airport equipment
leasing
Belgium, 2016 3i Infrastructure,
Deutsche
Alternative Asset
Management
Chequers Capital
VTG
Rail leasing
Germany, 2016 Morgan Stanley
Infrastructure
Partners
Private individual
Westerleigh
Group,
Crematoria
infrastructure
and services
UK, 2016 OTPP, USS Antin Infrastructure
Partners
Calvin Capital,
Smart meters
UK, 2017 KKR Infrastructure Infracapital
Source:InfraDeals
Source:InfraDeals

10 White & Case
Investments of telco infrastructure
operatorTDF’s French division from
a consortium of private equity
investors in 2015.
Next stop on the non-core journey
In 2017, infrastructure funds must
now begin to adjust their investment
and exit strategies in the non-core
marketplace to reflect the reality that
institutional investors are very much
here to stay. Such investors will
increasingly import the same level of
competitive tensions seen in the core
infrastructure space into the non-core
arena.The non-core journey, contrary
to popular belief, is well on its way
rather than still being in its infancy, as
previous market commentators have
led many to believe.
While certain funds have
already used this evolutionary step
to their advantage by de-risking
assets and packaging them up for
exits to institutional investors that
are moving into the non-core space,
others will invariably be slower
to react. They will be reluctantly
pushed out to pursue even riskier
non-core investment strategies in
geographies and industries that may
be ill-suited for their investment
programme and expertise.
Meanwhile, German non-core
activity was dominated by the
€3.5 billion acquisition of motorway
services group Tank & Rast, although
EQT’s divestment of waste
treatment and energy business
EEW Energy from Waste to Beijing
Enterprises also contributed
€1.4 billion to the total.
Spain and France took third and
fourth spots respectively. In Spain,
non-core power transactions made up
the bulk of activity, spearheaded by
the €2.5 billion Macquarie and Kuwaiti
sovereign wealth fund Wren House’s
acquisition of E.ON’s power assets
in 2015.
Spain suffered from a drop-off in
infrastructure investment activity in
the wake of the 2008 economic crisis
and the controversial changes made
to its renewable energy support
system. However, the data reveals
that international investor confidence
is now returning, and the country is
expected to cement its position as
a key European market for non-core
deals over the coming months.
Activity in France was led by
investments in the country’s
telecommunications sector, in
particular the €3.56 billion acquisition
by Arcus, APG, Brookfield and PSP
Non-core infrastructure by country (value and volume), 2010 – 2016
0
2
4
6
8
10
12
14
16
18
Croatia
Ireland
Russia
Sweden
Austria
Slovakia
Norway
Greece
Luxembourg
CzechRepublic
Poland
Switzerland
Denmark
Belgium
Finland
Turkey
Italy
Portugal
Netherlands
France
Spain
Germany
United
Kingdom
Number of dealsValue (€ billion)
Value(€billion)
Numberofdeals
0
5
10
15
20
25
30
35
40
45 Source:InfraDeals
The non-core journey,
contrary to popular
belief, is well on its way
rather than still being in
its infancy, as previous
market commentators
have led many to believe
Only time will tell how the
non-core marketplace will develop,
but what is certain is that the
competitive landscape has already
permanently changed and only
those that are willing to adapt and
grow will be successful in navigating
the journey towards positive returns.

UK non-core M&A (value) by sector, 2010 – 2016
French non-core M&A (value) by sector, 2010 – 2016
German non-core M&A (value) by sector, 2010 – 2016
Spanish non-core M&A (value) by sector, 2010 – 2016
TelecommunicationsTransport Power Other EnvironmentSocial infrastructure
0 1,000 2,000 3,000 4,000 5,000 6,000
2010
2011
2012
2013
2014
2015
2016
(€ million)
0 1,000 2,000 3,000 4,000 5,000 6,000
2010
2011
2012
2013
2014
2015
2016
(€ million)
TelecommunicationsTransport Power Other EnvironmentSocial infrastructure
TelecommunicationsTransport Other EnvironmentSocial infrastructure
0 1,000 2,000 3,000 4,000 5,000 6,000
2010
2011
2012
2013
2014
2015
2016
(€ million)
0 1,000 2,000 3,000 4,000 5,000 6,000
2010
2011
2012
2013
2014
2015
2016
(€ million)
TelecommunicationsTransport Power Environment
Source:InfraDeals

12 White & Case
S
uccess for investors in an
increasingly crowded market
will depend on fearlessness,
efficiency and the ability to spot the
right asset at the right time.
1. Non-traditional origination
Managers that can avoid the auction
process and source assets on a
bilateral basis have a real competitive
advantage, as they won’t get caught
in a cost of capital shootout with
institutional investors.The most
effective non-core investors are
marked by their ability to target deals
from non-traditional sources.
2. Pursue avidly, manage effectively
As institutional allocations to
infrastructure continue to rise, there
will be pressure to find new areas
of infrastructure in which to deploy
capital.This process will require
fund managers to enact operational
improvements, push out the length
of the contracts that underpin their
revenues and, in some cases, cement
the monopolistic position they inhabit
in a given sector through acquisitive
growth. Active management will
enable fund managers to stay
ahead of all but the best-resourced
institutional investors who, in the main,
would prefer to bid for more core
infrastructure opportunities.
3. Keep an eye on new sectors
Non-core sectors expected to
attract increasing infrastructure fund
investment include smart metering
businesses, asset-heavy infrastructure
services groups and the European rail
leasing market. Infrastructure funds
have also begun to target data storage
businesses and decentralised energy
production, while aged care is viewed
as a future opportunity.
Telecommunications infrastructure,
midstream oil and gas, and car parks
also continue to attract capital. Funds
will also pursue outlier “infrastructure-
like” opportunities such as crematoria
or medical diagnostics businesses.
4. Check the definition
The infrastructure market is
increasingly sophisticated, with
investors finessing their investment
approach by referring to opportunities
as core, super-core, core plus or non-
core to better reflect their risk profiles,
and the types of returns they expect
to achieve. However, to avoid a loss
of trust with their limited partners,
funds must be transparent about
their strategies—and the risk they are
looking to manage.
5. Don’t be afraid of competition
Infrastructure funds are facing
growing competition for non-core
assets.Yet funds are increasingly
being seen as performing the role of
de-risking such assets to the point
where they are ready to be acquired
by institutional investors. As such, the
growing institutional risk appetite for
non-core can be viewed as a positive
development for infrastructure funds.
6.Take exit opportunities
The movement of assets from
infrastructure funds through to
institutional ownership has been
evidenced across a range of sectors
including motorway services, UK
rolling stock and car parks.This
process, whereby assets are
systematically de-risked, should
provide a steady source of exit
opportunities for infrastructure funds.
Antin and EQT Infrastructure are
seen as being at the forefront of
this transformation process. Antin’s
sale of UK crematoria businessThe
Westerleigh Group in 2015 to the
institutional investors the Universities
Superannuation Scheme and the
OntarioTeachers’ Pension Plan is
the most extreme example of this
process, with the business case
underpinned by the compelling long-
term dynamics of the UK crematoria
market. “Sometimes it’s about de-
risking and reducing complexity, but
in other cases it’s about making sure
people understand the characteristics
of businesses,” says Antin’s managing
partner Mark Crosbie.
Six steps to non-core
infrastructure success
Infrastructure funds are increasing their capital allocations to non-core
sectors, although in doing so they will need to take on increased risk and
operate outside an established regulatory environment.There are six key
steps that investors should take to get the best out of the non-core market.
One definition—many sectors
The table below shows the breadth of non-
core sectors into which Antin Infrastructure
Partners invest
Non-core assets
Amedes Group, medical diagnostics, Germany
Eurofiber, fibre-optics network, Netherlands
Grandi Stazioni Acquisition, rail hub & services, Italy
Inicea, psychiatric clinics, France
Roadchef, motorway services, UK
Central AreaTransmission System, gas transmission, UK

John Cunningham
Partner
T +44 20 7532 2199
E johncunningham@whitecase.com
Caroline Sherrell
Partner
T +44 20 7532 2195
E caroline.sherrell@whitecase.com
whitecase.com
© 2017 White & Case LLP

Infrastructure M&A: Journey to the non-core

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