{"id":14683,"date":"2023-12-11T10:35:12","date_gmt":"2023-12-11T10:35:12","guid":{"rendered":"https:\/\/www.esgtoday.com\/?p=14683"},"modified":"2023-12-11T10:35:13","modified_gmt":"2023-12-11T10:35:13","slug":"kkr-acquires-energy-infrastructure-provider-smart-metering-for-1-7-billion","status":"publish","type":"post","link":"https:\/\/www.esgtoday.com\/kkr-acquires-energy-infrastructure-provider-smart-metering-for-1-7-billion\/","title":{"rendered":"KKR Acquires Energy Infrastructure Provider Smart Metering for $1.7 Billion"},"content":{"rendered":"\n
\n <\/div>\n\n\n\n

Alternative asset and private equity investor KKR announced an agreement to acquire energy and electrifications solutions company Smart Metering Systems (SMS), describing the company as having the \u201cpotential to substantially contribute to and enable the energy transition,\u201d and \u201cexpected to play a leading role to support the UK Government\u2019s ambition to be net zero by 2050.\u201d<\/p>\n\n\n\n

Under the terms of the all-cash agreement, KKR will pay 955 pence per share for SMS, valuing the company at an enterprise value of \u00a31.4 billion (USD$1.75 billion).<\/p>\n\n\n\n

Founded in 1995, Glasgow, Scotland based SMS provides a range of energy infrastructure and data solutions and services, including installing, owning and operating smart meters, battery energy storage systems (BESS), and EV chargepoints, and other behind the meter assets such as solar, storage and heat pumps. The company also offers \u201cMETIS,\u201d a cloud-based data platform that operates low-carbon assets distributed across the energy network.<\/p>\n\n\n\n

KKR will invest in the transaction primarily through its $17 billion KKR Global Infrastructure Investors IV fund<\/a>. The transaction marks the latest in a series of energy transition infrastructure-focused moves for the firm, including a recent $750 million investment<\/a> in London-based transport electrification and battery storage solutions provider Zenob\u0113, and the launch of a series of clean energy platforms including Virescent Infrastructure<\/a> in India, Aster Renewable Energy<\/a> in Asia and Stellar Renewable Power<\/a> targteing long-duration high-yielding solar energy investments. <\/p>\n\n\n\n

In an overview of the transaction, KKR said that it believes that SMS will be able to accelerate its growth under private ownership, to transition to \u201ca fully integrated, end-to-end energy infrastructure company which owns, installs and manages carbon reduction assets,\u201d noting that a private setting will enable the company to finance the \u201csubstantial\u201d capital requirements necessary \u201cto fully realise the growth opportunity presented by the UK\u2019s energy transition.\u201d<\/p>\n\n\n\n

Tara Davies, Partner and Co-Head of European Infrastructure at KKR, said:<\/p>\n\n\n\n

\n

\u201cSMS has a strong asset base and a clear strategy across different business lines which are critical enablers of the UK\u2019s Net Zero goals, and we share the team\u2019s vision of putting SMS at the heart of the UK\u2019s energy transition. Achieving this growth opportunity requires significant capital of a scale, flexibility and certainty which is best facilitated in the private markets.\u201d<\/p>\n<\/blockquote>\n\n\n\n

SMS CEO Tim Mortlock added:<\/p>\n\n\n\n

\n

\u201cKKR\u2019s offer recognises the strength and resilience of our model and will ensure SMS has the necessary capital to accelerate and unlock its full growth potential.\u201d<\/p>\n<\/blockquote>\n\n\n\n

The companies expect the acquisition to close in early 2024.<\/p><\/span>","protected":false},"excerpt":{"rendered":"

Alternative asset and private equity investor KKR announced an agreement to acquire energy and electrifications solutions company Smart Metering Systems (SMS), describing the company as having the \u201cpotential to substantially contribute to and enable the energy transition,\u201d and \u201cexpected to play a leading role to support the UK Government\u2019s ambition to be net zero by […]<\/p>\n","protected":false},"author":2,"featured_media":14684,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[36,4],"tags":[],"acf":[],"yoast_head":"\nKKR Acquires Energy Infrastructure Provider Smart Metering for $1.7 Billion - ESG Today<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.esgtoday.com\/kkr-acquires-energy-infrastructure-provider-smart-metering-for-1-7-billion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KKR Acquires Energy Infrastructure Provider Smart Metering for $1.7 Billion - 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