Canadian pension fund, Ontario Municipal Employees’ Retirement System (OMERS) has acquired a 19.9 per cent stake in Australian electricity transmission company TransGrid from Kuwait’s Wren House Infrastructure Management.
OMERS and TransGrid did not disclose financial terms of the deal. According to an Australian Financial Review report, OMERS picked up a A$2 billion plus stake that valued TransGrid at nearly $12 billion, including debt. The capital investment would play an important role in Australia’s economic recovery following the COVID-19 pandemic. Wren House Infrastructure Management invested in TransGrid in 2015 through a consortium of investors, which included Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ), Morrison & Co, Tawreed Investments Ltd, and ASX-listed utility infrastructure investor Spark.