Australia-based Spark Infrastructure has agreed to be acquired by a consortium of KKR, Ontario Teachers' Pension Plan Board (OTPP), and Public Sector Pension Investment Board (PSP Investments) for $3.71 billion.

The proposed deal gives an enterprise value of $7.25 billion for the Australian energy infrastructure company, reports NS Energy.

The consortium said: "We are excited to invest in Spark Infrastructure's leading portfolio of electricity networks and help to advance its mission to provide essential energy infrastructure to the millions of customers across Australia that rely on Spark Infrastructure's assets."

"The Consortium takes its role as a steward of critical infrastructure seriously and we look forward to working with our partners and stakeholders to support Australia's energy transition and decarbonisation efforts."

Spark Infrastructure owns stakes in Australian electricity distribution networks SA Power Networks and Victoria Power Networks. It also has a 15% stake in electricity transmission network Transgrid apart from fully owing the 100 MW Bomen Solar Farm in New South Wales.

Source: NS Energy