Challenger, ACA in infrastructure merger

Firms will create $4bn infrastructure fund through scrip-based merger.

Challenger Limited and Access Capital Advisers will merge their infrastructure operations in a scrip-based deal that will result in a $4 billion infrastructure fund.

The new boutique infrastructure business will be called Whitehelm and will employ 48 people in London, Sydney, Singapore and Canberra.

Access Capital’s Graham Matthews and Tom Snow will each hold 23% stakes, while a further 24% will be owned by other senior managers.