M&A Deal Summary

Ontario Teachers Pension Plan, KKR and PSP Investments Acquire Spark Infrastructure

On December 23, 2021, pension Ontario Teachers Pension Plan, private equity firm KKR and pension PSP Investments acquired infrastructure company Spark Infrastructure for 5.2B AUD

Acquisition Highlights
  • This is Ontario Teachers Pension Plan’s 12th, KKR’s 6th and PSP Investments’ 1st transaction in the Infrastructure sector.
  • This is Ontario Teachers Pension Plan’s 2nd, KKR’s 31st and PSP Investments’ 4th largest (disclosed) transaction.
  • This is Ontario Teachers Pension Plan’s 7th, KKR’s 15th and PSP Investments’ 3rd transaction in Australia.

M&A Deal Summary

Date 2021-12-23
Target Spark Infrastructure
Sector Infrastructure
Buyer(s) Ontario Teachers Pension Plan
KKR
PSP Investments
Deal Type Going Private
Deal Value 5.2B AUD

Target

Spark Infrastructure

Barangaroo, Australia
Spark Infrastructure invests in essential energy infrastructure businesses within Australia, which serve over 5 million homes and businesses, and are deeply involved in supporting the transition of Australia’s electricity grid to one that is increasingly reliant on renewable energy. Spark Infrastructure was founded in 2005 and is based in Barangaroo, Australia.

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Buyer(S) 3

Buyer

Ontario Teachers Pension Plan

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor


Category Pension
Founded 1990
PE ASSETS 242.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Teachers' Private Capital is the direct investment arm of the Ontario Teachers' Pension Plan. Teachers' Private Capital considers both private equity and venture related investments in North America, Europe, and Asia. Teachers' can support direct private equity investments between $100 million and $3 billion. Target sectors include business services, consumer products, retail, diversified industrials, financial services, technology, media, and communications. Teachers' Private Capital also makes private equity fund investments between $50 million and $750 million. Teachers' Private Capital was formed in 1991 and is based in Toronto, with additional offices in London and New York.


DEAL STATS #
Overall 165 of 175
Sector (Infrastructure) 12 of 12
Type (Going Private) 7 of 7
Country (Australia) 7 of 9
Year (2021) 19 of 19
Size (of disclosed) 2 of 35
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-15 Chisholm Energy Holdings

Fort Worth, Texas, United States

Chisholm Energy Holdings is a start-up oil and gas production company. The Company is focused on pursuing unconventional resource opportunities in the northern Delaware Basin. Chisholm is led by a seasoned team of oil and gas executives in partnership with Warburg Pincus, a global private equity firm with a 25-year track record of building businesses and creating value in the energy sector. Chisholm Energy Holdings was founded in 2016 and is based in Fort Worth, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-28 Dream Cruises

Kowloon, China

Dream Cruises is an iconic and innovative brand with a strong product offering that is well-positioned in an attractive industry. Dream Cruises offers inspirational journeys, which are Asian at heart and international in spirit. Dream Cruises was founded in 2015 and is based in Kowloon, China.

Sell -
Buyer

KKR

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1976
PE ASSETS 267.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.


DEAL STATS #
Overall 420 of 483
Sector (Infrastructure) 6 of 7
Type (Going Private) 29 of 37
Country (Australia) 15 of 15
Year (2021) 52 of 52
Size (of disclosed) 31 of 104
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-17 Yayoi

Tokyo, Japan

Yayoi is a financial and accounting software service company. Yayoi also provides software related to other functions, including payroll, sales force automation and customer relations management. Yayoi was founded in 1978 and is based in Tokyo, Japan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-19 MMTC

Greenwood Village, Colorado, United States

MMTC is a real estate lending platform specializing in short-term mortgage products for experienced individual residential real estate investors. MMTC primarily originates residential bridge loans for private investors that are predominantly used for property rehabilitation with a focus on one-to-four unit residential properties. MMTC was founded in 1961 and is based in Greenwood Village, Colorado.

Buy -
Buyer

PSP Investments

Investor Investor Investor Investor Investor


Category Pension
Founded 1999
PE ASSETS 19.4B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

PSP Investments is a Canadian pension manager focused on a variety of investment strategies including public equities, real estate, private equity, infrastructure, private debt, and natural resources. The Firm's private equity group looks to back funds as well as make direct investments in partnership with managers. PSP will consider opportunities globally and will invest across a broad range of sectors, including financials, consumer, industrials, healthcare, technology, communications, and energy. PSP Investments is based in Ottawa.


DEAL STATS #
Overall 26 of 29
Sector (Infrastructure) 1 of 2
Type (Going Private) 4 of 5
Country (Australia) 3 of 3
Year (2021) 3 of 3
Size (of disclosed) 4 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-19 Telesat

Ottawa, Ontario, Canada

Telesat is a global satellite operator that provides technical consultation and support services to satellite operators, insurers, and other industry stakeholders around the globe. Telesat is based in Ottawa, Ontario.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-18 UTA

Beverly Hills, California, United States

UTA is a global talent and entertainment company. UTA represents many of the most acclaimed figures across film, television, news, music, sports, theater, fine art, literature, video games, podcasts and other social and digital content. UTA was founded in 1991 and is based in Beverly Hills, California.

Sell -