Nicole Chatrath

Primary Focus & Experience

Nicole advises corporate and private equity / infrastructure clients. Nicole has experience on a broad range of transactions, including acquisitions and disposals, joint ventures and general corporate advisory. Her experience includes advising:

• Macquarie Asset Management (“MAM”) on the acquisition by Macquarie European Infrastructure Fund 7 of Ontario Teachers’ Pension Plan Board’s interests in Bristol, Birmingham and London City Airports.
• MAM on its agreement to acquire, via a MAM-led consortium (including its managed funds), an additional 50% stake in TDC Group, the Danish telecoms group, from PFA, PKA and ATP. This investment will result in MAM managing 100% of the shareholding in the TDC Group.
• MAM on Macquarie European Infrastructure Fund 7’s purchase of a significant minority stake in Virtus Data Centres group from ST Telemedia (a portfolio company of Temasek). The Virtus Data Centres Group builds and operates data centres in England and is expanding into Europe.*
• MAM on its acquisition of a 49.9% stake in Hydro Rein from Norsk Hydro for approximately USD 332m. The investment is held by the Macquarie Green Energy and Climate Opportunities Fund and helps finance Hydro Rein’s pipeline of projects in construction and development.*
• Funds managed by MAM on the acquisition, alongside British Columbia Investment Management Corporation and Australian Retirement Trust, of a 60% stake in National Gas Transmission (formerly National Grid Gas) from National Grid PLC, as well as two subsequent transactions to acquire the remaining 40% from National Grid PLC for an aggregate of approximately GBP 3.7bn.*
• MAM on the sale of Macquarie European Infrastructure Fund 4's 40% stake in Hydro Dolomiti Energia (“HDE”) to a consortium comprised of Equitix Euro Funds, Tages Capital SGR S.p.A., and La Finanziaria Trentina S.p.A. together with local industrial co-investors and institutions. The terms of the transaction imply a valuation of approximately EUR 1bn for the business. HDE operates 29 hydropower plants across the Italian province of Trento, representing 1.3 GW of installed capacity.*
• Goldman Sachs on its consortium arrangements and regulatory filings in connection with the approximately EUR 1.8bn public take-over of Aareal Bank, alongside Advent, Centerbridge, and CPPI.*
• A financial sponsor on a full exit from its solar photovoltaic and battery energy storage system development platform, which includes >300 MW of operational assets and >25 GW of development projects.*
• A large infrastructure investor on the proposed acquisition of Nature Energy, the Danish based biogas business.*
• A large infrastructure investor on the proposed acquisition of Coriance, the French district heating company.*
• A consortium of infrastructure investors on the proposed acquisition of Cellnex Austria.*
• Wren House Infrastructure on their acquisition of (i) a minority stake in Zorlu Enerji AS (a Turkish listed entity) and (ii) a majority stake in ZES Dijital AS (an electric vehicle charging business based in Turkey and expanding into Europe).*
• Abu Dhabi National Oil Company (“ADNOC”) and Borealis on the carve-out and projects elements in connection with the IPO of Borouge on ADX. Borouge was valued at USD 20.05bn.*
• ADNOC and Abu Dhabi Oil Refining Company (“ADNOC Refining”) (a joint venture company between ADNOC, Italy’s Eni and Austria’s OMV) on the sale of ADNOC Refining’s waste management operations in Abu Dhabi to a consortium comprising Veolia, Vision Invest and ADQ.*
• The borrower, Guinea Alumina Company SA, in respect of the USD 1.6bn development and financing of its bauxite mine, rail expansion and port terminal facilities in Guinea.*

*Matters completed prior to joining Milbank.