Clifford Chance

Clifford Chance advises Everbright Overseas Infrastructure Investment Fund on sale of Norway’s public transport provider Boreal

Leading international law firm Clifford Chance has advised Everbright Overseas Infrastructure Investment Fund LP (EOIIF), a fund sponsored and managed by China Everbright Limited, on the proposed conditional sale of Boreal Holding AS and its subsidiaries to Vauban Infrastructure Partners, a European asset management firm based in Paris.

Boreal is one of the largest operators in the Norwegian public transportation market, operating medium- to long-term contracts granted by public transport authorities in four segments – bus, car ferry, fast ferry, and light rail. EOIIF acquired Boreal from Cube Infrastructure in April 2018 and has achieved substantial growth in its contract portfolio through expansion into new counties and winning larger tenders, on top of Boreal’s expansion into Sweden. Under EOIIF's ownership, Boreal has also transformed itself into a global pioneer in sustainable transportation through its operation of battery powered electric ferries and electric buses across Norway.

Partner Bryan Koo led the cross-border transaction, supported by senior associate Laurence Feeny and associate Declan Ng.

Bryan commented, “We are thrilled to have been able to work with EOIIF in supporting the fund's successful exit from its first major buyout transaction in the OECD infrastructure sector. This transaction demonstrates our breadth and depth of expertise and counsel to our client who are integrating ESG into its investment philosophy, demonstrating that responsible investment and investor return can co-exist."