Pierre Hillion

Professor of Finance
In April 2010, infrastructure fund Njord Gas Infrastructure AS bought ExxonMobil’s 9.428% stake in Norwegian gas pipelines Gassled. Njord was interested in Gassled’s steady returns and Norway’s regulatory/political consistency and transparency.

Published 30 Jul 2018

Reference 6370

Topic Economics & Finance

Industry Chemicals Renewables & Environment

Region Europe

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In September 2014, the Indiana Toll Road (ITR) in the US Mid-west, privatized as a 75-year concession at an impressive price of US$3.8 billion only nine years earlier, filed for Chapter 11 bankruptcy , having chalked up US$6.3 billion of debt. In the subsequent sell-off the ITR managed to attract an even bigger bid than before - of US$5.72 billion.

Published 27 May 2016

Reference 5828

Topic Economics & Finance

Industry Transportation/Trucking/Railroad

Region North America

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The case discusses the public-private partnership to build the New Royal Adelaide Hospital (NRAH) (replacing the outdated Royal Adelaide Hospital) at a cost of A$1.7 billion in 2009.

Published 29 Jun 2015

Reference 6063

Topic Economics & Finance

Industry Hospital & Health Care

Region Other Regions

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In 2013, the long-delayed IPO of the Bangkok Mass Transit System Public Co. Ltd. (BTSC) took place, but in an unusually complex form. Instead of selling the shares of the company that owned the elevated railway concession, what was offered were investment units in Thailand’s first publicly listed infrastructure mutual fund: the BTS Rail Mass Transit Growth Infrastructure Fund (BTSGIF).

Published 29 Jun 2015

Reference 6062

Topic Economics & Finance

Industry Public Policy Transportation/Trucking/Railroad

Region Asia

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BrisConnections won the bid to construct the Airport Link toll road under a BOOT (Build, Own, Operate and Transfer) PPP model just as the global financial crisis took hold in 2008. Soon the project would take its place among a string of Australian toll road project failures.

Published 28 Apr 2014

Reference 5970

Topic Economics & Finance

Region Other Regions

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BrisConnections won the bid to construct the Airport Link toll road under a BOOT (Build, Own, Operate and Transfer) PPP model just as the global financial crisis took hold in 2008. Soon the project would take its place among a string of Australian toll road project failures.

Published 28 Apr 2014

Reference 5970

Topic Economics & Finance

Region Other Regions

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In 2009, a Macquarie consortium won the tender to build six Irish schools under a public-private partnership programme. The work was financed mainly with debt, with only €50,000 of straight equity injected into the project. Payments from the Irish government were the sole source of revenue. However, the advent of the sovereign debt crisis in Europe put the government's ability to pay in doubt.

Published 26 Nov 2012

Reference 5905

Topic Economics & Finance

Industry Education Management

Region Europe

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In September 2010, Dürr AG issued a corporate bond without the use of underwriters or rating agencies via a new bond issuance platform developed by Boerse Stuttgart. This reflected a growing trend among European corporations to tap capital markets instead of bank debt to secure debt financing.

Published 26 Nov 2012

Reference 5906

Topic Economics & Finance

Industry Automotive Transportation/Trucking/Railroad

Region Europe

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A consortium made up of Macquarie Infrastructure Group (MIG) and Cintra Concessiones de Infraestructuras de Transporte wins the concession for the Indiana Toll Road at a bid price of US$3.8 billion in January 2006. Market observers think the amount is too high, but MIG is confident the asset is worth the price.

Published 25 May 2012

Reference 5828

Topic Economics & Finance

Industry Transportation/Trucking/Railroad

Region North America

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Aquasure - a consortium formed by Macquarie, Degremont and Thiess - won the concession to finance, build, maintain and operate the A$5.72 billion Victorian Desalination plant under a public-private partnership initiative known as Partnerships Victoria. Financing took place during the period of the global financial crisis and there was a subsequent political backlash.

Published 24 May 2012

Reference 5827

Topic Economics & Finance

Industry Financial Services

Region Other Regions

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Market Microstructure