HICL Infrastructure and The Renewables Infrastructure Group (TRIG) have terminated their proposed merger after HICL’s board concluded it could not proceed without a “substantial majority” of support from its shareholders, the companies said on Monday.
Both boards reaffirmed confidence in the strategic logic behind the deal and stressed that each business remains well positioned to operate on a standalone basis.
HICL and TRIG had announced plans to combine into what would have become the UK’s largest listed infrastructure investment company, with an expected valuation of nearly £5 billion. The transaction would have merged HICL’s portfolio of more than 100 core infrastructure assets with TRIG’s 2.3 gigawatts of renewable energy capacity spanning solar, wind and battery storage projects across the UK and Europe.
The proposed structure called for a voluntary winding up of TRIG, with its assets transferred to HICL in exchange for newly issued HICL shares, along with a £350 million liquidity package. Under the plan, HICL shareholders were expected to hold about 56% of the combined group, while TRIG investors would have owned roughly 44%.
Analysts at RBC Capital Markets had previously described the merger as a “positive move,” citing the increased scale of the combined company and its “ability to pursue higher overall returns.” The merged entity was projected to target an annual dividend of 9 pence per share and deliver a net asset value total return of more than 10% per year.
The deal had been scheduled to complete in the first quarter of 2026 before being abandoned.
