LONDON, July 3, 2010 – Canada’s OMERS and Dutch pension investor APG have agreed to buy Netherlands-based energy infrastructure solutions company Kentar, a draft of the deal seen by Reuters was confirmed by a spokesman for the Canadian investor.
The deal, which will close in the fourth quarter of this year, is worth about 700 million euros ($764 million), including debt to Kent, a source with knowledge of the transaction told Reuters.
Kenter, which is currently owned by Allander Corporate Ventures and engaged in power transmission, sells products such as transformers, switches and meters in the Netherlands and Belgium.
OMERS, which has C$124.2 billion ($93.67 billion) under management, has been active in investing in power transmission assets over the past few years, according to its website.
It has also bought TransGrid and renewable generation investments in electricity grids such as FRV in Australia or Leeward Renewable Energy, such as Elevio in Sweden and Australia.
Following the acquisition, APG and Omers plan a partnership between Kenter and another company in the portfolio, Groendus, to provide rooftop solar and storage products, meters and electric vehicle chargers for industrial businesses.
“We look forward to growing the B2B energy solutions platform in the region, providing energy infrastructure to businesses looking to achieve their sustainability goals,” said Alastair Hall, CEO and Managing Director Europe at OMERS Infrastructure.
The investment was made by APG Asset Management on behalf of Dutch pension fund ABP, while OMERS Infrastructure is investing through OMERS.
APG and OMERS Infrastructure were advised by DC Advisory, Emendo Capital and Allen & Overy.
($1 = 1.3236 Canadian dollars)
($1 = 0.9163 EUR)
(This story has been corrected to correct the OMERS assets figure in paragraph 4 to C$23.2 billion, not C$124.2 billion.)
Reporting by Andres Gonzalez, editing by Alexander Smith
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