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Ashurst is advising Lazard & Co., Limited in relation to the £1.448 billion recommended cash offer for John Laing Infrastructure Fund Limited ("JLIF") by Jura Acquisition Limited (a newly formed company owned by a consortium jointly-led by funds managed by Dalmore Capital and funds managed by Equitix).

JLIF is one of Europe’s largest listed infrastructure funds, with a Premium Listing on the London Stock Exchange. JLIF holds stakes in low-risk, operational PPP infrastructure projects located in the UK, Continental Europe and North America and spanning sectors including health, education, transport, social houses and street lighting.  For the year to 31 December 2017 Jura had an operating income of £113.6 million and as at 31 March 2018, Jura had a portfolio value of approximately £1,378.6 million.

Dalmore is an independent fund manager with offices in London and Edinburgh. It has over £4 billion of investors’ funds under management, largely from long-term UK pension funds. Dalmore invests primarily in low risk infrastructure opportunities, including PFI/PPP projects, UK offshore transmission assets and regulated assets such as the UK gas distribution business, Cadent. Alongside discretionary managed funds, Dalmore has also been able to offer a range of co-investment and single asset / account transactions, deploying over £2.4 billion for its investors to date.

Equitix has built a reputation as a leading UK infrastructure investor, as demonstrated by its ability to successfully source, develop and manage high-quality infrastructure assets across a number of sectors such as social housing, education, healthcare, waste and renewables, highways and street lighting, student and government accommodation, utility infrastructure, transport and energy efficient investments. Equitix manages a portfolio of more than 170 assets, with approximately £3 billion of assets under management.

The Ashurst team comprises corporate partner Karen Davies and associate Jack Mendelssohn as well as global loans partner Tim Rennie and senior associate Andrea Thomas.

Lazard is acting as financial adviser to Dalmore and Equitix in relation to the offer.

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