Freshfields Bruckhaus Deringer and fellow English firm Mills & Reeve have advised U.K. Holdings—a vehicle owned by a consortium comprising of Hong Kong’s largest listed infrastructure company, Cheung Kong Holdings, Cheung Kong Infrastructure Holdings and the Li Ka Shing Foundation— on its US$3.9 billion acquisition of Northumbrian Water Group Plc. The takeover bid, which has been recommended by Northumbrian Water’s board, is the largest takeover of a British company this year.

 

The consortium was advised by Freshfields. Mills & Reeve advised CKI on its disposal of Cambridge Water Plc- an entity which needed to be sold to HSBC prior to the NWG transaction to ensure that Cheung Kong complied with British regulations restricting foreign ownership of the nation’s public utilities.

 

Hogan Lovells represented long-time client NWG. The firm’s relationship extends as far back as the company’s listings on the AIM and London Stock Exchange. Linklaters and Ashurst advised the HSBC and RBC Capital Markets on debt financing and cash confirmation, respectively.