Tender: Strategic Sale Advisor for Sale of Lower Thames Crossing and Dartford Crossings Operator

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The Department for Transport is seeking a supplier to act as Strategic Sale Advisor to lead and execute the sale of the new regulated company that will construct, maintain and operate the proposed Lower Thames Crossing and the Dartford Crossings. The project is a proposed 14.3-mile road and tunnel scheme connecting Kent and Essex, including two 2.6-mile tunnels under the Thames, and the preferred financing approach is a Regulated Asset Base model in which a new economically regulated company will undertake the main works and operations. The advisor will be responsible for capital markets advisory, market engagement and investor outreach, the credit rating process, equity sale execution and transaction finalisation, while the Department for Transport and National Highways will remain the transaction principals with all decision-making authority and the advisor will act only in an advisory capacity. A successful outcome is defined as a timely, competitive sale of the operator to private investors with acceptable user charge levels that represent value for money to society and require minimal or no government support package.