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LongRiver Partners Revised Takeover of Severn Trent PLC Rejected

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waterrunsHow bad do mega public investors want to own a U.K. water utility? According to the Sovereign Wealth Fund Institute’s sovereign wealth fund transaction database (SWFTD), direct investments in European utilities have experienced steady growth over the past few years. Inflation-linked cash flows are in high demand by foreign institutional investors.

A consortium dubbed LongRiver Partners which includes Borealis Infrastructure, Kuwait Investment Office and U.K.-based Universities Superannuation Scheme put in another bid to buy the second-largest publicly traded U.K. water company Severn Trent PLC. Severn Trent rejected the revised takeover offer. The water company supplies water and other services to more than 4.2 million households in the UK, mostly in the Midlands region.

In a statement by Andrew Duff, Chairman of the company, “The board unanimously believes that LongRiver’s revised conditional proposal at 2,079.49 pence per share, excluding the final dividend which we have already announced, fails to value the attractions to Severn Trent’s shareholders of Severn Trent’s increasingly rare combination of yield, inflation-linked business model and potential.”

PGGM Executed its Inaugural Cleared Securities Lending Trade

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Service providers are keen on getting more beneficial owners to participate in the cleared securities lending market. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Altitude Infrastructure Gets Financing on Haute-Garonne Network Project

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Altitude Infrastructure SAS inked a 25-year concession agreement and closed a debt financing package for the deployment and maintenance of an ultra-high-speed broadband network in Haute-Garonne. Haute-Garonne is a department in the south of France.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Guggenheim Partners Agrees to Acquire Millstein & Co.

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On July 11, 2018, Guggenheim Partners inked a deal to acquire New York-based Millstein & Co., L.P., an advisory firm formed by Jim Millstein. Millstein will become co-Chairman of Guggenheim’s securities business. Millstein & Co. will become part of Guggenheim Securities, the investment banking division of the company. Ronen Bojmel will lead the combined Guggenheim restructuring team.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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