- APG Asset Management will invest on behalf of ABP, and OMERS Infrastructure on behalf of OMERS
- The transaction is expected to be closed in Q4 2023, subject to regulatory approvals
- ABP and OMERS investment in Kenter will be the second joint investment in the Dutch B2B energy services sector
ABP and OMERS Infrastructure have signed an agreement to acquire Netherlands-based Kenter from Alliander Corporate Ventures.
Kenter is an energy infrastructure products business providing medium-voltage infrastructure including transformers, switchgears, and meters in the Netherlands and Belgium. The company is headquartered in Gelderland.
APG Asset Management will invest on behalf of ABP, and OMERS Infrastructure on behalf of OMERS.
The exact deal size was not disclosed, but ABP confirmed APG is investing “several hundred million euros”.
ABP and OMERS’ investment in Kenter will be the second joint investment in the Dutch B2B energy services sector, after jointly acquiring Groendus in November 2022.
Kenter and Groendus will partner to offer existing and new customers integrated energy services to support the decarbonisation of their operations upon close of the deal, according to a release.
“The energy transition is propelling the electrification trend in the Netherlands and across Europe, aligning with the ambitious climate targets set by the EU,” said Jan-Willem Ruisbroek, head of global infrastructure investment strategy at APG.
“To ensure its success, substantial investments in essential electrical infrastructure such as transformers, meters, batteries and electric vehicle chargers are imperative for our society.”
The transaction is expected to be closed in Q4 2023, subject to regulatory approvals.
OMERS Infrastructure manages infrastructure investments globally on behalf of OMERS, a benefit pension plan for municipal employees in Ontario, Canada, and third-party investors. The firm manages around C$34 billion, including capital invested on behalf of OMERS and third parties.
ABP, based in Heerlen, the Netherland, is the sectoral pension fund for employers and employees of public, semi-public, and educational institutions. The firm managed €469 billion in available assets as on 31 May 2023.
APG is a provider of executive consultancy, asset management, pension administration, pension communication and employer services. The firm has around €530 billion as of April 2023 in pension assets. The firm has offices in Heerlen, Amsterdam, Brussels, New York, Hong Kong, Singapore, Shanghai and Beijing.
APG and OMERS Infrastructure were advised by DC Advisory, Emendo Capital and Allen & Overy.
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