Allens has advised a consortium comprising KKR, Ontario Teachers’ Pension Plan Board and Public Sector Pension Investment Board (PSP Investments and together, the Consortium) on the acquisition of all issued securities of Spark Infrastructure (ASX: SKI) in an all-cash transaction for approximately A$5.2 billion.
The transaction was implemented by way of an inter-conditional trust scheme and creditors’ scheme of arrangement.
Commenting on the transaction, partner Charles Ashton said, ‘We are extremely pleased to have acted for KKR, Ontario Teachers’ and PSP Investments on this landmark public M&A infrastructure transaction.’
Partner and Head of Public M&A, Guy Alexander said, ‘The implementation of this transaction caps off a very strong year for our public M&A practice, having also acted on transactions such as Sydney Airport, Oil Search, Vocus, Ausnet and Boral. Allens has acted on a majority of the top 10 largest public M&A deals announced in Australia in 2021.’
Partner Kate Towey added, ‘This transaction is another example of Allens’ deep experience in infrastructure M&A, particularly in electricity transmission and distribution.’
Allens acted as the Consortium’s counsel for the transaction, advising on corporate aspects of the deal and debt financing.
Spark Infrastructure invests in energy infrastructure assets, including electricity distribution, electricity transmission, and renewable energy generation technologies. The company currently has investments in electricity distribution and transmission assets, and a renewable electricity generation business.
