Q1 2022 infrastructure legal adviser rankings

inspiratia examines the top legal adviser activity in infrastructure for Q1 2022, where transmission and transport has driven the sector in Europe for this quarter's performance.

Overshadowing the remaining law firms with a total disclosed transaction volume of US$13.4 billion (£10.5bn €12.5bn), Linklaters takes the spotlight as the leading law firm in Q1 2022.

The deal that propelled Linklaters to the top of the rankings by deal volume is the sale of a majority stake in the gas transmission and metering business of British utility, National Grid. Global asset manager, Macquarie Asset Management (MAM) and British Columbia Investment Management bought the 60% stake, investing on behalf of a number of pension and insurance funds. Linklaters provided legal counsel to the National Grid on the deal, which reached financial close in March [2022].

Another notable deal under Linklaters' belt is the refinancing and financing of the Elefsina-Korinthos-Patras-Pyrgos-Tsakona Motorway extension in Greece. The firm advised the concession company, Olympia odos. The motorway links between Athens to Patras and the Rion-Antirion bridge over the Guild of Corinth. The deal reached financial close in March [2022] with a disclosed transaction volume of US$704 million (£2.1m €637m).

Pinsent Masons comes into second place with a deal volume of US$1.5 billion (£1.1bn €1.4bn). The largest deal the firm was involved in is the refinancing of a seven-year revolving capex facility to Smart Meter Assets (SMA), a UK meter asset provider. The long-term debt financing will be used to fund the deployment of smart meters for SMA's key customers which include OVO Energy and Utility Warehouse. Pinsent Masons advised SMA on the transaction that is valued at US$709 million (£545m €647m).  The deal reached financial close in March [2022].

White & Case follows in third place with a total disclosed transaction volume of US$1.2 billion (£946m €1.1bn). The firm advised Roadchef, a Motorway Service Area (MSA) operator, that operates 30 locations across the UK. Roadchef was acquired from Antin Infrastructure Partners by MAM.

Deal Count

When it comes to deal count, Pinsent Masons secures the top position, starting the year with seven closed deals. Pinsent Masons was also involved in the greenfield financing of the Madinah 3, Buraydah 2 and Tabuk 2 wastewater treatment plants in non-central Saudi Arabia. The financing  entails the design, construction, financing, operation, and maintenance (DFOM) of the new plants which respectively process 375,000m3 per day, 150,000m3 per day and 90,000m3 per day.

Sponsors involved include Acciona Agua, Tamasuk and the Tawzea International Water Distribution Company. The deal was valued at US$666 million (£498m €601m), which reached financial close in March [2022].

One other deal under Pinsent Masons belt is the acquisition of Forth Ports Limited in UK. The firm advised the largest leading port operators in the UK for the share's capital of Targe Towing.  The deal reached financial close in February [2022].

Linklaters comes second with a total of six deals. Linklaters advised a Portuguese construction group Mota-Engil on their acquisition of a controlling stake in the concession of two road crossings in Tagus River in Lisbon, Portugal. The deal reached financial close in February [2022].

DLA Piper came joint in third position with Watson Farley & Williams and Morgan Lewis with a total of three deals in Q1 2022. Their activities covered sectors such as electric vehicle charging infrastructure, telecoms, healthcare, and defence concessions.

Top legal advisers by transaction volume and deal count, Q1 2022

Source: inspiratia | datalive