Watson Farley & Williams, WFW advised Railways Pension Trustee Company Limited (“Railpen”) on its acquisition of a 25% stake in Verdis, a leading Nordic municipal waste collection operator, from Cube Infrastructure Managers (“Cube”).

This marks Railpen’s first direct infrastructure investment in both the Nordic region and the municipal waste collection sector, underscoring their ongoing commitment to investing in essential infrastructure within established and expanding markets, both in the UK and internationally.

The transaction completes Cube’s largest co-investment program to date, following earlier investments into the Verdis platform by two of Cube’s existing investors. Railpen made a direct investment in Verdis, while two limited partners invested through Cube-managed co-investment vehicles.

Railpen, one of the UK’s largest pension managers, oversees approximately £35 billion in assets on behalf of 350,000 members from over 150 rail companies.

Verdis, acquired by Cube in November 2023, serves over six million people in roughly 100 municipalities across Denmark, Norway, Sweden, and Finland, delivering critical municipal waste collection services.

Cube Infrastructure Managers is an independent mid-market infrastructure investor, established in 2007.

WFW’s Corporate team advising Railpen was led by Partner Jan Mellmann, with support from Partner Andy Savage, Counsel Nerina Erasmus, Associate Idil Yusuf, and Trainee Matt Buxton. Competition/FDI advice was provided by Partner Solange Leandro, assisted by Associate Lauren Buchan. Additional assistance came from Ogier (Luxembourg), Gorrissen Federspiel (Denmark), Krogerus (Finland), BAHR (Norway), and Hammarskiöld (Sweden).

Jan Mellmann commented: “We are thrilled to have advised Railpen on this significant infrastructure transaction, which represents a major investment in the Nordic market. The deal highlights the strength of our M&A practice and our expertise in the energy and infrastructure sectors.”