Australia’s Spark Infrastructure Group said on Thursday it has received a buyout proposal from private equity firm KKR and Ontario Teachers’ Pension Plan Board, valuing the electricity infrastructure investor at $3.67bn.
Spark shareholders will get A$2.80 for each share they own, a nearly 13% premium to the stock’s last traded price of A$2.48 on Wednesday.
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Spark has rushed in investment bank Goldman Sachs to help it deal with a financial buyer that is keen to see it join the growing list of Australian infrastructure assets departing the ASX boards.
Spark confirmed the news in a stock exchange filing on 15 July after trading in its stock was halted on the ASX. The consortium’s A$2.80 a share offer values the firm which supplies electricity to five million Australians at A$4.91m ($3.7bn).
Spark owns a spread of assets across various Australian states: 49% of SA Power Networks, in South Australia’s electricity distribution network, and 49% of Victoria Power Networks. Spark also has a 15% stake in Transgrid – which operates in New South Wales, the country’s economic centre.
Source: Business Insider
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