White & Case advises ATLAS Infrastructure on £400 million cornerstone investment in United Utilities

Global law firm White & Case LLP has advised specialist infrastructure investor ATLAS Infrastructure on a £400 million cornerstone investment in UK FTSE 100-listed water company United Utilities.

As part of the agreement, ATLAS Infrastructure committed to subscribe for £400 million of the new shares issued by United Utilities under a broader approximately £800 million non-pre-emptive equity placing to institutional and retail investors. The proceeds will be used by United Utilities to fund the equity element of an approximately £2.5 billion incremental investment in the AMP8 UK water industry regulatory cycle (FY2025-2030).

White & Case previously advised ATLAS Infrastructure, which invests on behalf of long term infrastructure investor clients, on several transactions including as part of the consortium on an €850 million private investment in a public equity (PIPE) transaction with Elia Group.

United Utilities Group PLC, a major FTSE 100 company listed on the London Stock Exchange, is the UK's largest listed water company and provides water and wastewater services to around seven million people and businesses in North West England.

The White & Case team in London which advised on the transaction included partners Tom Matthews and Sonica Tolani and associate George Davie.

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