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Freshfields advises PSPIB on the acquisition of Arcus’ majority stake in Forth Ports and on its subsequent minority stake sales
Freshfields Bruckhaus Deringer LLP (‘Freshfields’) is advising Public Sector Pension Investment Board (‘PSPIB’) in relation to its acquisition of the majority stake in Forth Ports Limited (‘Forth Ports’) currently held by Arcus European Infrastructure Fund 1 LP. Freshfields is also advising PSPIB, which has been a shareholder in Forth Ports since 2012, in relation to its subsequent sales of a number of minority stakes in Forth Ports.
The minority stakes are being sold to, among others, Australian superannuation funds First State Superannuation Scheme and the Construction and Building Unions Superannuation Fund, and UK local government pensions platform GLIL Infrastructure. Following completion, which occurred yesterday, PSPIB will continue to own a majority of Forth Ports.
Forth Ports is one of the UK's largest port groups and owns and operates eight commercial ports on the Firth of Forth, the Firth of Tay and the River Thames, with positions in Tilbury (London), Grangemouth, Dundee, Rosyth and Leith (Edinburgh). Tilbury is the site of a major new port terminal, Tilbury 2, while the Port of Dundee is strongly positioned to service the needs of the growing offshore wind sector and North Sea oil and gas decommissioning industry.
The Freshfields team is being led by partners Laurie McFadden, Richard Thexton and senior associate Richard Johnson, and also includes partners Peter Hall who is advising on finance matters and Deirdre Trapp on regulatory matters.
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