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December 23, 2021

KKR and partners complete acquisition of Spark Infrastructure

KKR’s investment in Spark Infrastructure was made under its core infrastructure strategy.

By Umesh Ellichipuram

A consortium consisting of KKR, Ontario Teachers’ Pension Plan Board and Public Sector Pension Investment Board (PSP Investments) has concluded the acquisition of all issued securities of Australia’s Spark Infrastructure for a cash consideration of $3.7bn (A$5.2bn).

The move comes after all regulatory approvals have been obtained for the deal.

KKR Australia Infrastructure team director Andrew Jennings said: “We are excited to invest in Spark Infrastructure, which is a world-class business that plays a critical role in Australian communities.

“Alongside Ontario Teachers’ and PSP Investments, we look forward to working with the management teams of Spark Infrastructure and its portfolio companies, to support the business’ objectives to improve grid stability and build secure, high-quality and cost-effective electricity infrastructure for customers across the country.”

Spark Infrastructure invests in energy infrastructure businesses across the country which serve more than five million homes and businesses.

Its portfolio includes SA Power Networks, TransGrid, Victoria Power Networks (Citipower and Powercor) and Bomen Solar Farm.KKR’s investment in Spark Infrastructure was made under its core infrastructure strategy that focuses on investing in regulated assets located in OECD markets.

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PSP Infrastructure Investments senior director Sandiren Curthan said: “We are excited to add Spark Infrastructure to our Infrastructure portfolio and to continue nurturing our established relationships with KKR and Ontario Teachers’.

“As Australia transitions away from coal, Spark Infrastructure’s electricity transmission and distribution networks are well-positioned to enable the clean energy transition toward a low-carbon economy.”

In October this year, KKR announced the acquisition of a 7.3% stake in Filipino independent power producer First Gen.

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