PwC Scotland starts year strong following hat-trick of December deals

PwC Scotland’s Lead Advisory team is looking towards a strong start to 2024 as it celebrates the completion of a hat-trick of deals, finalised as 2023 came to a close.

As current economic headwinds create challenges in achieving deal completions, the three landmark transactions, in the energy and technology markets, reflect the pace of change in both sectors and cement them as attractive investment prospects.

The first of the three deals saw the team advise Intelligent Land Investments on the sale of the Red John Pumped Storage Hydro (PSH) Scheme to Norwegian state-backed Statkraft - Europe’s largest producer of renewable energy. 

The iconic Red John is a 450MW+, ready-to-build PSH based in the Scottish Highlands, and its acquisition by Statkraft demonstrates a commitment to helping Scotland meet its renewable energy targets, and to strengthening UK energy security. 

In the energy tech sector, the team advised the shareholders of Silixa - a UK-based leader in distributed fibre optic sensing solutions for the measurement and monitoring of key infrastructure - on its sale to Luna, a US listed leader in advanced fibre optic-based technology. 

As well as elevating Luna’s existing portfolio of solutions, the acquisition of Silixa has extended its reach into exciting new growth sectors, strengthening Luna’s position as an enabler of energy transition.

The most recent deal was completed on behalf of private equity investor LDC, advising on its investment into Scotland’s largest independent IT managed service provider, Kick ICT - an investment which will allow the Bellshill-based business to accelerate its UK-wide expansion plans.

Jon Shelley, Head of Deals at PwC Scotland, said:

“December can often be a busy time for dealmaking, but the current climate has presented challenges, meaning that achieving completions takes more time, dedication and expertise than ever. It’s testament to the level of skill and experience in our Corporate Finance, Debt and Capital Advisory and Tax teams, that whilst many were winding down for the festive period, they were focused on delivering three special transactions in quick succession. 

“I’m very proud to see PwC involved in landmark deals that will continue to shape the markets in which our clients operate. As we reflect on these successes and other key deals throughout 2023 - including the sale of STATS Group to Mitsui, the sale of Cardowan Creameries to KTC Edibles and a significant refinancing of Bladnoch distillery - we enter 2024 with great positivity and momentum in what remains a tricky market.”