Announced
Completed
Financials
Sources
Tags
Completed
electricity distribution
Electricity Distribution
Private
Majority
Private Equity
Cross Border
Finland
electricity network
Acquisition
Friendly
Single Bidder
Synopsis
Ontario Teachers' Pension Plan Board and KKR completed the acquisition of an 80% stake in Caruna, an electricity distribution company, from First Sentier Investors, a global asset management business, and OMERS, a Canadian pension fund. As part of the deal, AMF acquire a 12.5% stake. Financial terms were not disclosed. FSI has already completed its divestment of a 40% stake in Caruna, while OMERS' 40% stake sale is expected to close during the second quarter of 2021, pending regulatory approvals. After the transactions OTPP and KKR will own 40% stake each. "We are convinced that Caruna is well-placed to build a smart and weatherproof electricity network for its customers that will meet growing consumption needs while helping transition to a low-carbon economy. We are committed to investing in Caruna to achieve these goals," Dale Burgess, OTPP Senior Managing Director of Infrastructure & Natural Resources.
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