Universities Superannuation Scheme’s Increased Investment in Thames Water Utilities Limited

In UK CMS Cameron McKenna Nabarro Olswang LLP, advised on the matter.

CMS Cameron McKenna Nabarro Olswang LLP advised Universities Superannuation Scheme with a team including Brian Sher (Competition Law), Nick Blair (Picture – Corporate M&A), Aaron Fairhurst (Tax M&A and Deal Advisory).

Universities Superannuation Scheme (USS), the sole corporate trustee of one of the UK’s largest pension funds, acquired an additional 8.77% stake in Kemble Water Holdings Limited, the holding company of Thames Water Utilities Limited (Thames Water), from investors Wren House Infrastructure LP. This will take USS’s holding in the company to nearly 20%. 

USS first became an investor in Thames Water in 2017, attracted by the opportunity to support the long-term investment needs of the business. It is an experienced investor in regulated infrastructure assets, with existing investments in both Heathrow Airport Holdings Limited and NATS in the UK as well as other regulated assets around the world.

USS’s investment in Kemble Water Holdings Limited will be the largest single investment in the £82.2bn (as at 31 March 2021) portfolio managed by USS’s investment management subsidiary. It also further builds on USS’s UK investments.

The CMS team was led by Nick Blair (Picture) with invaluable support from Jennifer Louch and Aoife Fenlon (Corporate); Aaron Fairhurst and Yao An Chua (Tax); Thomas Forman (Regulatory); and Brian Sher and Louisa Mottaz (Competition).

Involved fees earner: Nick Blair – CMS Cameron McKenna Nabarro Olswang LLP; Aaron Fairhurst – CMS Cameron McKenna Nabarro Olswang LLP; Thomas Forman – CMS Cameron McKenna Nabarro Olswang LLP; Jennifer Louch – CMS Cameron McKenna Nabarro Olswang LLP; Louisa Mottaz – CMS Cameron McKenna Nabarro Olswang LLP; Brian Sher – CMS Cameron McKenna Nabarro Olswang LLP;

Law Firms: CMS Cameron McKenna Nabarro Olswang LLP;

Clients: Universities Superannuation Scheme;

Author: Giulia Di Palma