OMERS and APG team up in $764 million deal
Canadian pension OMERS and Dutch pension APG have joined forces to purchase Kenter, an energy infrastructure solutions company based in the Netherlands. The deal, which was confirmed by both parties and revealed in a draft announcement seen by Reuters, is set to be finalized in the fourth quarter of this year.
A source familiar with the transaction told Reuters that the agreement values Kenter, currently owned by Alliander Corporate Ventures, at nearly $764 million, including debt. Alliander has acknowledged its plans to sell Kenter but disputed the reported deal size.
Meanwhile, a second source familiar with the transaction told Reuters that Kenter achieved annual sales of approximately 100 million euros. APG's investment is expected to amount to "several hundred million euros".
APG, which manages investments on behalf of ABP, a major Dutch pension fund, released a joint press statement with OMERS confirming the acquisition. However, specific financial terms were not disclosed.
OMERS has been actively investing in energy transition assets in recent years. It has made investments in electric grids such as Ellevio in Sweden and Transgrid in Australia, as well as renewable generation projects such as FRV in Australia and Leeward Renewable Energy in the United States.
Following the acquisition, APG and OMERS plan to foster 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.
"We look forward to growing a B2B energy solutions platform in the region, delivering energy infrastructure for businesses looking to meet their sustainability goals," said Alastair Hall, senior managing director and head of europe at OMERS Infrastructure, as quoted by Reuters.
APG Asset Management acted on behalf of ABP for the investment, while OMERS Infrastructure represented OMERS. The transaction was advised by DC Advisory, Emendo Capital, and Allen & Overy.