The PwC Corporate Finance team in the UK and Canada is pleased to announce that it acted as financial advisor to British Columbia Investment Management Corporation (“BCI”), one of Canada’s largest institutional investors, on its completed £1.0 billion (C$1.9 billion) take-private acquisition of BBGI Global Infrastructure S.A. (“BBGI”).
The acquisition of BBGI, formerly a London-listed infrastructure investment company headquartered in Luxembourg, marks BCI’s first take-private transaction as sole investor.
The transaction was announced in February 2025 and the offer went unconditional in June 2025 with the subsequent delisting of the company meaning that BBGI is now privately owned by BCI.
BBGI’s asset portfolio consists of 56 availability-based, low risk, essential infrastructure projects, such as hospitals, schools, roads, and bridges across seven countries.
Strategic acquisition and investment objectives
The acquisition aligns with BCI’s long-term strategic objectives to expand its Infrastructure & Renewable Resources portfolio, which targets long-duration, contracted cashflows. BBGI provides BCI with a high-quality, internationally diversified platform of availability-style infrastructure assets.
As a private company, BBGI will benefit from BCI’s long-term investment horizon, substantial infrastructure expertise, and long-term capital, which will support the company’s continued growth and value creation.
PwC’s role and expertise
PwC acted as financial advisor to BCI, with a combined UK and Canadian team working together.
This landmark transaction demonstrates PwC’s market-leading capabilities in advising on large-scale, complex public-to-private infrastructure transactions and highlights the strength of PwC’s integrated cross-border corporate finance advisory services.
PwC also provided integrated due diligence services led by Oksana Horsman and Mark Rathbone covering commercial, human resources, IT, and ESG due diligence. Tax advisory services, including due diligence, structuring, and model review, were led by Benita Brown, Alina Achy, and Matthew Edgar.
PwC Corporate Finance deal team
PwC UK Corporate Finance: James Pincus, Jonathan Raggett, Nitin Premchandani, Kevin McDonnell, Sarah Brewer, Samuel Arts, Sahil Aggarwal, Oscar Davies, Louis Kennett, Aisling O’Shea, and Peter Bowles.
PwC Canada Corporate Finance: Mark Rathbone, Derek Chu, Devin O’Brien, Chris Barrow and Alex McNair.
James Pincus, Partner at PwC UK said:
“We are delighted to have advised BCI on this landmark acquisition of BBGI, a transaction that underscores PwC Corporate Finance’s expertise in executing complex, cross-border infrastructure deals. We look forward to seeing BBGI realise its future growth under BCI’s stewardship.”
Jon Raggett, Director at PwC UK said:
“It has been a great privilege to advise BCI on this transaction, which showcases the strength and depth of PwC’s capabilities in advising on large, complex and cross-border public company transactions.”
Nitin Premchandani, Director at PwC UK said:
“It has been particularly rewarding to have supported BBGI on its original listing in 2011 and now its current private ownership under BCI. This transaction highlights PwC’s extensive experience and capability in navigating complex transactions across both public and private markets.”
Mark Rathbone, Partner at PwC Canada said:
“Our team at PwC were thrilled to act as financial advisor and integrated due diligence advisor to BCI on their acquisition of BBGI – playing a material role on such an important, complex acquisition for BCI is testament to the team’s global capabilities and understanding of the market and our Client. We are excited about the future for BBGI and BCI and look forward to working with the team in the future.”
If you would like to discuss the energy transition or infrastructure M&A market then please contact James Pincus, Jonathan Raggett or Nitin Premchandani.
About BCI
British Columbia Investment Management Corporation is among Canada’s largest institutional investors, managing over CAD $250 billion in assets. Headquartered in Victoria, British Columbia, BCI invests globally across asset classes including infrastructure and renewable resources.
About BBGI
BBGI Global Infrastructure S.A. is a Luxembourg-based infrastructure investment company managing availability-based public-private partnership infrastructure assets globally, delivering predictable, inflation-linked returns through responsible infrastructure investment. Previously listed on the London Stock Exchange, BBGI is now privately owned by BCI.
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