(Bloomberg) — Omers, the Canadian pension fund manager, agreed to acquire British utility services provider Network Plus.
The fund’s private equity arm reached a deal to buy Network Plus from its management and private equity firm Livingbridge, Omers said in a statement Monday, confirming an earlier Bloomberg News report. The transaction was set to value the business at around £600 million ($718 million), people with knowledge of the matter have said.
Network Plus is a contractor for major UK utilities and infrastructure firms, providing services such as project planning, construction and maintenance. It helps hook up gas connections, lay power lines, install underground internet cables, inspect water pipelines and fix wastewater blockages.
The company, based in a suburb of Manchester, has a team of more than 5,000 workers spread across 85 locations in the UK, according to Monday’s statement. Its customers include Cadent Gas Ltd., National Grid Plc, Yorkshire Water, Wales & West Utilities Ltd., Manchester Airport Group and Network Rail, its website shows.
Investors ranging from pension funds to private equity firms have been pouring money into infrastructure plays as they seek to generate stable, recurring returns. PAI Partners is exploring a potential $2 billion sale of rival British utility contractor M Group Services, Bloomberg News reported in March.
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