OMERS, the Canadian pension fund, and APG, a Dutch pension investor, have reached an agreement to acquire Kenter, an energy infrastructure solutions company based in the Netherlands. The deal, valued at nearly $764mn, including debt, is set to close in the fourth quarter of this year.
Kenter, currently owned by Alliander Corporate Ventures, specializes in energy transition and offers a range of products such as transformers, switchgear, and meters in the Netherlands and Belgium.
OMERS, with assets under management totaling $93.67bn, has been actively involved in energy transition investments in recent years. They have made strategic acquisitions in electric grids, such as Ellevio in Sweden and Transgrid in Australia, as well as renewable generation investments like FRV in Australia and Leeward Renewable Energy in the United States.
Upon completing the acquisition, APG and OMERS plan to establish a partnership between Kenter and another company in their portfolio, Groendus. Groendus specializes in the construction and operation of rooftop solar and storage products, meters, and electric vehicle chargers for industrial businesses.
Alastair Hall, Senior Managing Director and Head of Europe at OMERS Infrastructure expressed excitement about the acquisition and the opportunity to develop a business-to-business (B2B) energy solutions platform in the region. He stated that their goal is to provide energy infrastructure solutions to businesses striving to achieve their sustainability objectives.
The investment in Kenter was made by APG Asset Management on behalf of ABP, a Dutch pension fund, while OMERS Infrastructure was invested on behalf of OMERS. The deal was advised by DC Advisory, Emendo Capital, and Allen & Overy, providing guidance to APG and OMERS Infrastructure throughout the transaction process.
Comments (0)