Julian Davies
Linklaters LLPThe full-service water offering at Linklaters LLP is ‘always current on regulatory and financing developments’, handling matters of financing, project development and M&A on the transactional front, including advising on DPC projects. The team also provides regulatory and competition advice and represents clients facing investigations by Ofwat and the Environment Agency in addition to commercial disputes. Leading the team are Julian Davies, a highly experienced finance specialist; head of structured finance and regulatory expert Mark Nuttall; and Natura Gracia, who handles competition matters and regulatory investigations. Elisabeth Johnson supports water companies in the lead-up to price reviews, while managing associate Emma Crawford advises on infrastructure and utilities financing. James McGivern departed the firm in February 2023, taking up a partner position at Kirkland & Ellis International LLP.
Legal 500 Editorial commentary
Testimonials
Collated independently by Legal 500 research team.
- 'The team has broad strength from its extensive work in the water sector over a long period, and more widely in utilities, which means it is always current on regulatory and financing developments.'
- 'This is hugely beneficial when considering potential scenarios, identifying options and formulating plans that are feasible for execution.'
- 'As always, Mark Nuttall was an invaluable sounding board as well as heading a team that gets execution done without fuss.'
- 'In Emma Crawford, we are very lucky to have someone who supports us in all financing aspects, with an approach of helping to find solutions, and ensuring that execution is delivered as expected, usually within tight timeframes.'
- 'Good experience in the sector and of the company's debt documentation mean that we have received very good advice on a whole range of different topics.'
- 'They always pursue possibilities to the limit and provide good ideas and solutions that have helped us to challenge and innovate.'
- 'They really understand our business and legal framework and use this well to help us improve and develop.'
Key clients
- Southern Water Services Limited
- Thames Water Utilities Limited
- Yorkshire Water Services Limited
- Welsh Water
- ING Bank NV
- CK Infrastructure Holdings
- Portsmouth
- Assured Guaranty
- Pennon
- Northumbrian
- SES Water
- South East Water
Work highlights
- Advised Thames Water Utilities Limited on the commitment by the ultimate shareholders of Thames Water to provide an equity injection of £500m in March 2023, with a further commitment in respect of a path to funding an additional £1bn and on financial resilience planning and strategy.
- Advised CK Asset Group, CK Infrastructure Group and CK Hutchinson Group on a sale of a 25% stake in Northumbrian Water Group to KKR.
- Advised two water and sewage undertakings in relation to the 2024 price review, which will cover the regulatory period 2025 to 2030.
Lawyers
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Leading partners
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Natura Gracia
Linklaters LLPMark Nuttall
Linklaters LLPPractice head
The lawyer(s) leading their teams.
Julian Davies, Mark Nuttall, Natura Gracia