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Investment manager Redwheel has agreed to acquire Tortoise Capital Advisors subsidiary Ecofin’s assets, which as of May 31 reached approximately $1.4 billion, according to a July 11 press release.
The firms expect the transaction to close in third-quarter 2024. Financial terms were not disclosed.
London-based Ecofin invests in sustainable infrastructure and decarbonization. Redwheel’s CEO Tord Stallvik said Ecofin will benefit from the company’s sustainability ecosystem called Greenwheel.
Greenwheel powers Redwheel’s enhanced integration, transition and sustainable funds, Stallvik said.
“We have found compatible cultures and a shared ambition for the fundamental growth opportunities catalyzed by the global transition to more sustainable economies,” said Ecofin President Brent Newcomb.
Moelis & Co. served as exclusive financial adviser to Tortoise Capital and Ecofin. Morgan, Lewis & Bockius U.K. served as legal counsel to Redwheel. Bryan Cave Leighton Paisner served as legal counsel to Tortoise Capital and Ecofin
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