November 18, 2018

Consortium to acquire ATW stake

A consortium comprising Dalmore Capital, Equitix Investment Management, Japan Infrastructure Initiative, a joint venture between Hitachi Capital Corporation, Mitsubishi UFJ Lease &Finance Co and MUFG Bank, and Rock Rail has signed agreements to acquire a 30% stake in Agility Trains West (ATW) from Hitachi Rail Europe.

ATW was established in 2012 to finance, own and maintain 57 Hitachi class 800 trains that form the first phase of the Intercity Express Programme (IEP).

IEP is a £5.7 billion ($7.3 billion) government-led rolling stock programme to build and maintain 122 new intercity trains for the East Coast and Great Western main lines.

Dalmore and Equitix previously acquired a 15% interest in IEP through the acquisition of John Laing Infrastructure Fund.

DC Advisory acted as lead financial advisor and Ashurst acted as legal advisors to the consortium for the deal.

Cantor Fitzgerald Europe, Crédit Agricole CIB and Goldman Sachs International acted as financial advisors and Allen & Overy acted as legal advisors to Hitachi Rail Europe.