CPPIB, I Squared team up for Viridor bid

09 March 2020 - 12:00 am UTC

Canada Pension Plan Investment Board (CPPIB) has teamed up with I Squared Capital to bid for UK energy-from-waste (EfW) plant owner Viridor, SparkSpread has learned.

Non-binding first round offers for the business, owned by UK-listed water utility Pennon Group, were due on Monday (9 March).

I Squared Capital has tapped Credit Suisse and boutique investment bank Wasserstein Perella & Co. to advise, SparkSpread reported on March 6.

Meanwhile, Macquarie Infrastructure & Real Assets (MIRA), which is also set to bid, has tapped Credit Agricole as its financial advisor.

Other bidders linked to the process include sovereign wealth investor GIC, Cheung Kong Infrastructure Holdings, IFM Investors, Equitix and Dalmore.

KKR Infrastructure, which submitted a pre-emptive GBP 4bn bid for Viridor last year according to the Sunday Telegraph, is also still participating in the process. Suez and Veolia were listed as potential candidates by The Times earlier this year.

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