HICL and Trig abandon £5.3bn merger after shareholder backlash
By Abigail Townsend
Date: Monday 01 Dec 2025
(Sharecast News) - The multi-billion merger of HICL Infrastructure and The Renewables Infrastructure Group has been abandoned, it was announced on Monday, after widespread opposition from shareholders.
In a brief statement, HICL confirmed that the proposed combination - first announced in mid-November - "will not proceed".
It continued: "Both boards remain convinced of the strategic rationale for the combination.
"However, following broad engagement with shareholders, the HICL board determined that it cannot progress the transaction without a substantial majority of support from its own investors."
The deal would have brought together HICL's infrastructure assets - which range from utilities to transport - and Trig's renewables portfolio, which covers solar, wind and battery storage.
The merged company would have been worth around £3.98bn with net assets exceeding £5.3bn, making it the largest listed UK infrastructure investment firm.
However, a number of shareholders argued that the structure of the deal disproportionately favoured both Trig shareholders and InfraRed, the manager of both trusts.
A number, including TrintyBridge, which holds a 3.8% stake, and Hawksmoor Investment Management, said they would vote against the deal, and urged HICL to abandon it.
Trig said it regretted that investors would not have the opportunity to vote on the tie-up.
Richard Morse, Trig chair, added: "Our focus now returns to delivering Trig's attractive standalone strategy.
"We are uniquely placed to capitalise on the demand growth for low carbon, reliable power and to capture the commercial opportunities as economies across the UK and Europe electrify and decarbonise."
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