28/05/2019 – 07:30 | Portfolio

HOUSTON & OKLAHOMA CITY–(BUSINESS WIRE)–May 20, 2019– KKR, a leading global investment firm, and Western Natural Resources, LLC (“Western”) today announced a new partnership to acquire producing and undeveloped oil and gas assets in the Williston Basin.

The Williston Basin includes meaningful existing production and high quality, well-defined remaining drilling inventory well suited to KKR’s Energy Real Assets strategy, which prioritizes the generation of free cash flow and strong asset level returns in the upstream oil and gas sector.

Western’s CEO Heath Mireles and his team bring extensive operating experience to the partnership, having drilled, completed and operated thousands of wells over the Williston Basin’s long history. The Western team will leverage their collective experiences from time spent at large public operators as well as other private companies to acquire, manage and develop producing wells and drilling locations throughout the play.

Ben Conner, Director on KKR’s Energy Real Assets team, said, “The Williston continues to be a core area of focus for us as we see a significant opportunity to acquire high quality producing assets with attractive long-term value creation opportunities to be delivered through superior technical and operational execution. We have known Heath and members of his team for years and believe our partnership is well positioned to acquire and manage assets in the Williston for the long run.”

Heath Mireles, CEO of Western added, “We are excited to partner with KKR and bring what we feel is a differentiated view and business model to the basin to build a premier asset base focused on delivering strong risk-adjusted returns.”

KKR is making its investment in the partnership through funds affiliated with KKR’s Energy Real Assets strategy, which has invested approximately $4.0 billion in capital across 12 transactions since 2015 and manages a portfolio of oil and gas assets in numerous unconventional and conventional resource areas across the United States.

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE:KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About Western

Western is a private company focused on the acquisition and exploitation of upstream oil and gas assets. Headquartered in Oklahoma City, Oklahoma, its primary objective is to build and operate a large-scale portfolio of producing oil and gas wells and drilling locations in the Williston Basin. For additional information about Western, please visit Western’s website at www.wnrllc.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190520005212/en/

Source: KKR

Media:
Kristi Huller or Cara Major, + 1-212-750-8300
media@kkr.com

• EQT sells Coromatic, a leading Nordic critical facility services and provider, to E.ON, a European leader within energy networks and state-of-the-art customer solutions
• During EQT’s ownership, Coromatic has transformed into a leading Nordic provider of critical facility services and solutions, securing operations against disruptions 24/7, ultimately improving people’s lives and protecting the environment through optimized energy consumption

• Coromatic has more than doubled revenues and the number employees, and nearly quadrupled EBITDA as a result of strong organic growth and a number of strategic add-on acquisitions

EQT Expansion Capital II (“EQT”) has entered into a definitive agreement to sell Coromatic Group (“Coromatic” or the “Company”) to E.ON. Coromatic secures access to power and data communication by providing services and solutions to critical facilities, such as data centers, airports, hospitals, transportation and connected workplaces.

During EQT’s ownership, Coromatic has transformed from a Swedish-focused data center solutions provider into a service-led Nordic leader. Through the most extensive pan-Nordic critical facilities service network of more than 200 highly qualified technicians, Coromatic secures operations 24/7, contributing to sustainable cities and communities.

An increase in frequency of disruption events, such as power outages or disruptions in digital infrastructure, coupled with a rising cost of downtime, has led to a surge in demand for Coromatic’s unique competencies. The Company’s development has relied on strong organic growth and an ambitious consolidation strategy, having executed eight add-on acquisitions across the Nordics. Today, Coromatic supports over 5,000 customers, including 60% of the Nordic top 100 companies, out of 17 locations.

Erik Bertman, CEO of Coromatic, said: “Together with EQT, Coromatic has transformed into a Nordic leader, through geographical expansion as well as building competencies and widening the offering. Most importantly, this has allowed us to serve our customers better and faster. We now look forward to continue our ambitious growth journey together with E.ON, pursuing a bold ambition of becoming the frontrunner of the decentralized energy market in Europe. We see this as an ideal fit with a common purpose of securing operations 24/7 through energy efficient solutions and thereby improving people’s lives.”

“Acquiring Coromatic is an important step towards our strategic ambition of becoming a leading energy solutions company. As artificial intelligence, smart homes and buildings become increasingly prevalent, the need for 24/7 uninterrupted power supply will continue to grow. I see a great potential for both E.ON and Coromatic to jointly capitalize on this trend”, says Marc Hoffmann, CEO E.ON Sverige.

Victor Englesson, Partner at EQT Partners and Investment Advisor to EQT Expansion Capital II, added: “EQT is impressed with Coromatic’s growth journey, but more importantly, its contribution to society in securing critical infrastructure. This aligns perfectly with EQT’s investment approach and focus on sustainability and positive social impact. We are convinced that E.ON will be a great owner of Coromatic and together they will become a trusted partner to businesses looking to ensure their operations 24/7.”

The transaction is subject to approval from the relevant authorities and is expected to close in late Q2 or Q3 2019.

Nordea acted as financial advisor and Roschier as legal advisor to EQT.

Contact
Victor Englesson, Partner at EQT Partners and Investment Advisor to EQT Expansion Capital II
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a leading investment firm with more than EUR 61 billion in raised capital across 29 funds and around EUR 40 billion in assets under management. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtpartners.com

About E.ON
E.ON Sverige is part of the international E.ON-group, one of the world’s largest investor owned energy companies. E.ON has about 2 200 coworkers in Sweden.

More info: www.eon.com/en

New Partnership to Acquire Permian Northwest Shelf Assets

HOUSTON–(BUSINESS WIRE)–May 14, 2019– Spur Energy Partners LLC (“Spur”) and KKR, a leading global investment firm, today announced the formation of a partnership to acquire large, high-margin oil and gas production and development assets across the Lower 48. The companies also announced the signing of a definitive agreement to acquire the Permian Northwest Shelf assets of Percussion Petroleum LLC.

The acquisition includes interests in approximately 380 gross producing wells and 22,000 net acres situated in the core of the Yeso formation in Eddy & Lea Counties, New Mexico, as well as associated water and midstream assets. During the first quarter of 2019, the assets produced approximately 9,200 net barrels of oil equivalent per day (85% liquids). The acquisition is expected to close in the second quarter of 2019, subject to customary closing conditions.

Spur is led by CEO Jay Graham, co-founder and former CEO of WildHorse Resource Development Corporation (“WRD”), along with a core team of executives and key technical personnel from WRD who have worked together for many years through multiple successful upstream oil and gas ventures. Spur intends to apply its proven expertise to acquire and enhance assets across the Lower 48 by combining strong commercial capabilities with a focus on operational efficiency and technical execution.

Jay Graham, Spur CEO, said, “Given their long-term approach and commitment to investing in scaled, cash flowing E&P assets with growth potential, KKR is the ideal partner for Spur as we look to build a large scale business in the oil and gas sector that creates value through exceptional technical and operational execution. We look forward to working together as we make our first investment in this high-quality asset with a strong existing production base and attractive development potential.”

Dash Lane, Managing Director on KKR’s Energy Real Assets team, commented, “This acquisition is the first step in what we expect to be a multi-billion dollar investment partnership with Spur, which we believe is well-positioned to create significant value in today’s oil and gas market. We have known the Spur team for many years, have seen firsthand their commercial and operational expertise, and are thrilled to be partnering with Jay and his team.”

The Spur and KKR partnership will be funded by funds affiliated with KKR’s Energy Real Assets strategy, which has invested approximately $4.0 billion in capital across 12 transactions since 2015 and manages a portfolio of oil and gas assets in numerous unconventional and conventional resource areas across the United States.

About Spur Energy Partners

Spur Energy Partners was formed by management in 2019 with a commitment from KKR and is focused on delivering superior long-term investor returns by acquiring and developing oil and gas assets with base production and substantial low-cost development inventory across the Lower 48.

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190514005284/en/

Source: KKR

Media:
KKR:
Kristi Huller or Cara Major, + 1-212-750-8300
media@kkr.com

• Asset acquisition from Sterlite Power to boost IndiGrid’s AUM to INR17,000 crores (US$2.5 billion)
• Transaction marks KKR’s first Infrastructure investment in Asia Pacific

MUMBAI–(BUSINESS WIRE)–May 4, 2019– India Grid Trust (“IndiGrid” or the “InvIT”), India’s leading infrastructure investment trust, today announced the closing of a preference unit issuance worth INR2,514 crores (US$363 million). As part of the transaction, KKR and GIC have invested INR 1084 crores (US$157 million) and INR 980 crores (US$142 million), respectively, to collectively own 42% of IndiGrid’s outstanding units. KKR has also applied to become a Sponsor of IndiGrid and plans to acquire an additional 15% of IndiGrid’s total units from Sterlite Power. Following the closing of the transactions, KKR and GIC will collectively own approximately 57% of IndiGrid’s outstanding units.

This press release features multimedia. View the full release here:https://www.businesswire.com/news/home/20190504005008/en/

In a separate transaction, KKR will additionally acquire a majority shareholding in Sterlite Investment Managers Limited, the investment manager owned by Sterlite Power. Sterlite Power established IndiGrid in 2016 and will remain a Sponsor and Project Manager of IndiGrid.

With the capital infusion provided by the new unit issuance, IndiGrid will purchase five electricity transmission assets worth INR11,500 crores (US$1.66 billion) from Sterlite Power. A share purchase agreement for the two operational transmission assets — NRSS XXIX and OGPTL — has been signed, while three additional assets will be purchased once they become operational. IndiGrid is an infrastructure investment trust established to own inter-state power transmission assets in India. Following the completion of the proposed acquisitions, IndiGrid’s AUM will rise to INR17,000 crores (US$2.5 billion).

The InvIT currently manages a portfolio of six electricity transmission assets with a total network of power transmission lines that span more than 3,361 circuit kilometers across nine Indian states. The purchase of Sterlite Power’s electricity transmission assets will significantly expand IndiGrid’s portfolio and better enable it to address India’s infrastructure needs.

The transactions mark KKR’s first investment through its Asia Pacific Infrastructure strategy. KKR makes the investment through a proprietary investment vehicle. Each transaction is subject to customary closing conditions, including regulatory and unitholder approvals.

Harsh Shah, CEO of IndiGrid, said, “We welcome KKR, GIC and our other investors and who have showcased their confidence in IndiGrid, and we look forward to benefiting from KKR and Sterlite Power’s expertise and experience in investment and asset management. With this new capital investment, we will reach our goal of INR17,000 crores of assets under management and are well on our way to achieving INR 30,000 crores of assets under management by 2022 while also providing stable and predictable returns to our investors.”

David Luboff, Member & Head of Asia Pacific Infrastructure at KKR, added, “Asia Pacific is a core focus for KKR’s global infrastructure strategy, and India is a key market for us in the region given its dynamism, the scale of investment opportunities and its crucial need for capital solutions. We’re pleased to have chosen leading infrastructure providers like IndiGrid and Sterlite Power as our first investment behind our Asia Infrastructure strategy, and look forward to supporting IndiGrid’s growth, providing further solutions-oriented opportunities and playing an important role in addressing the infrastructure need.”

“India holds a tremendous opportunity for infrastructure investment, in the trillions of dollars in the coming decades,” added Sanjay Nayar, Member & CEO of KKR India. “We believe addressing the country’s infrastructure needs is a priority for the government, industries and communities across India alike, and we are excited to make our foray into this market and contribute as a solutions provider. IndiGrid is a well-managed infrastructure platform and Sterlite Power is a world-class asset manager. We look forward to working together with these teams to grow this platform and support infrastructure development in the coming years.”

Pratik Agarwal, Group CEO of Sterlite Power, said, “Working with an established global investor like KKR advances our mission of becoming Asia’s leading infrastructure investment trust. We believe now is the optimal time to invest in electricity transmission assets because the global clean energy revolution has created unprecedented demand for new transmission infrastructure. Our ability to grow the IndiGrid platform comes at a valuable time, and this opportunity further enables Sterlite Power to focus on its core skillset of developing greenfield assets in India, Brazil and beyond.”

Edelweiss and EY are acting as Indigrid and KKR’s M&A advisors, respectively. Cyril Amarchand Mangaldasserves as Indigrid’s legal counsel and PWC and EY act as Indigrid’s Due Diligence and Tax advisors, respectively. AZB & Partners and Simpson Thacher & Bartlett serve as KKR’s legal counsel, with EY acting as accounting and tax advisor. Khaitan & Co acts as Sterlite Power’s legal counsel.

****

About Sterlite Power

Sterlite Power is a leading global developer of power transmission infrastructure with projects of over 12,500 circuit kms and 20,500 MVA in India and Brazil. With an industry-leading portfolio of power conductors, EHV cables and OPGW, Sterlite Power also offers solutions for upgrading, uprating and strengthening existing networks. The Company has set new benchmarks in the industry by use of cutting-edge technologies and innovative financing. Sterlite Power is also the sponsor of IndiGrid, India’s first power sector Infrastructure Investment Trust (“InvIT”), listed on the BSE and NSE.

For more details, please visit www.sterlitepower.com

About IndiGrid

IndiGrid [BSE: 540565 | NSE: INDIGRID] is the first Infrastructure Investment Trust (“InvIT”) in the Indian power sector. IndiGrid owns 6 operating projects consisting of 13 transmission lines with 3,361 ckms length and 3 substations with 7,000 MVA transformation capacity.

For more details, please visit www.indigrid.co.in

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190504005008/en/

Source: KKR

For Sterlite Power
Balaji Krishnaswami +91-9971757474
Balaji.krishnaswami@sterlite.com

For IngiGrid
Investor.relations@indigrid.co.in

For KKR
KKR Asia
Anita Davis, +852 3602 7335
Anita.Davis@KKR.com

KKR Americas
Kristi Huller / Cara Major, +1 212-750-8300
Media@KKR.com

Edelman (For KKR India):
Siddharth Panicker, +91-9820-857-522
Siddharth.Panicker@Edelman.com

Sydney, 12 April 2019 – DIF is pleased to announce that the PULSE consortium, comprising DIF Infrastructure V, Pacific Partnerships, BAM PPP PGGM and Ghella Investments & Partnerships, has been selected as preferred bidder on the Tunnel, Stations & Development PPP package of the AUD 5.4 billion Cross River Rail project in Brisbane, Australia.

The availability based public private partnership contract with the Cross River Rail Delivery Authority includes the design, build, finance and maintenance of a new 10.2km rail line connecting the north and south of Brisbane, which includes twin 5.9km tunnels under the Brisbane River and central business district. The PPP package also includes the delivery of four new underground stations and maintenance works that will be provided for 24 years.

Design and construction works will be undertaken by CPB Contractors, BAM International and Ghella. UGL will be responsible for mechanical and electrical works, as well as the maintenance services.

Marko Kremer, Partner and DIF’s Head of Australasia added: “DIF is excited to be working with the Cross River Rail Delivery Authority to deliver Queensland’s highest priority infrastructure investment. This landmark project is truly city-changing and will enable higher frequency and better connected public transport across the network.”

About DIF

DIF is an independent infrastructure fund manager, with €5.6 billion of assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, North America and Australasia through two complementary strategies:

• DIF Infrastructure V targets equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated assets and renewable energy projects with long-term contracted or regulated income streams that generate stable and predictable cash flows.
• DIF Core Infrastructure Fund I targets equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams that generate stable and predictable cash flows.

DIF has a team of over 120 professionals, based in eight offices located in Schiphol (the Netherlands), Frankfurt, London, Luxembourg, Madrid, Paris, Sydney and Toronto. Please visit www.dif.eu for further information.

Contact:
Allard Ruijs, Partner
Email: a.ruijs@dif.eu