It seems hard to believe now but when RWE first revealed its plans to sell UK utility company Thames Water, private equity interest in the deal was expected to be limited. Although the deal was classic Terra Firma-type territory (and the Guy Hands-led firm fought hard for the mandate), similar bidders were expected to be thin on the ground. The fact the firm ended up in a fierce bidding war with two infrastructure funds, the Qatar Investment Authority and an Australian energy company is a stark illustration of just how hot a market UK infrastructure assets have become. RWE eventually sold Thames Water...
