HICL Infra, TRIG plan merger
By Frank Prenesti
Date: Monday 17 Nov 2025
(Sharecast News) - HICL Infrastructure and The Renewables Infrastructure Group on Monday said they had agreed a merger to create the UK's largest listed infrastructure investment company with net assets of more than £5.3bn.
TRIG will be wound up and its assets transferred to HICL in exchange for new HICL shares and cash via a £350m liquidity package, the two companies said on Monday.
There will be a partial cash option of up to £250m for TRIG shareholders and a further £100m commitment from Sun Life, which has agreed terms to provide liquidity and secondary market support for the combined company.
Assuming full take-up of the £250m partial cash option, HICL shareholders are expected to hold approximately 56% and TRIG investors around 44% of the new company, they added.
An initial annual dividend target of 9p a share will underpin a target NAV total return of more than 10% a year over the medium term, alongside a progressive dividend.
The companies said they were aiming to complete the deal in the first quarter of 2026.
Reporting by Frank Prenesti for Sharecast.com
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