A consortium consisting of KKR and Ontario Teachers’ Pension Plan Board has made a revised takeover offer of A$5 billion ($3.7 billion) for Australia’s Spark Infrastructure, according to industry sources.
Spark invests in major essential energy infrastructure businesses within Australia. The company’s portfolio includes SA Power Networks, which operates South Australia’s electricity distribution network; Bomen Solar Farm; TransGrid, the operator of the high voltage electricity transmission network connecting generators, distributors and major end users in New South Wales and the Australian Capital Territory; Powercor, which operates Victoria’s largest electricity distribution network; and CitiPower, which operates a distribution network in Melbourne’s CBD and inner suburbs.
Spark previously rejected a A$4.91 billion ($3.67 billion) bid, which had sent its shares up 8 percent. The new bid of A$2.80 ($2.08) per share was 10 cents more than the previous offer,