August 25, 2021 | Industrials | Australia | Ended

Spark Infrastructure Group / KKR, OTPP, PSPIB: New Deal Insights

On 23-Aug-21, a consortium led by US private equity firm KKR struck a firm agreement to acquire Australian energy firm, Spark Infrastructure. The deal comes after multiple attempts from the consortium which, aside from KKR, includes Canada’s Ontario Teachers’ Pension Plan (OTPP) and the Public Sector Pension Investment Board (PSPIB). The buyers have completed due diligence and are offering, in total, AUD 2.95 per Spark stapled security (1.8bn Spark securities, with each comprising of one unit stapled to one note which trade together on the ASX). The headline consideration is cum dividend and includes a AUD 0.0625 interim dividend per share that already went ex-dividend on 7-Jul-21 (albeit payable 15-Sep-21). However, the offer also includes a

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