Canada—Dentons’ global Energy group recently advised Alberta Investment Management Corporation (AIMCo), Healthcare of Ontario Pension Plan (HOOPP) and Investment Management Corporation of Ontario (IMCO), in their collective acquisition – alongside Brookfield Asset Management Inc., Sunsuper Superannuation Fund and Canada’s Public Sector Pension Investment Board – of AusNet Services Ltd. (AusNet) for an aggregate purchase price of approximately A$10.2 billion (CA$9.4 billion), representing an enterprise value of A$17.8 billion for AusNet.

AusNet is a regulated utility business that transmits and delivers energy to 1.5 million customers in Victoria, Australia. The company owns and operates over A$11 billion of regulated and contracted assets and services. As the incumbent owner of Victoria’s electricity transmission and electricity and gas distribution networks, and by enabling renewable generation during the transition towards greater decarbonization, AusNet is helping to support Victoria to achieve the state’s long-term target of Net Zero greenhouse gas emissions by 2050.

Through this strategic acquisition, AIMCO, HOOPP and IMCO expand their regulated infrastructure investments, while providing their clients with a stable portfolio addition which will support Victoria’s clean energy future.

A cross-regional team of Dentons lawyers in Canada and Australia advised AIMCo, HOOPP and IMCO in this deal. The Canada team was led by Vivek Bakshi and Bill Jenkins, with assistance from Mark Jadd, Jamie Thomas, Brian Kearl and Miranda Neal. The Australia team was comprised of Kym Livesley, Cameron Steele, Urvashi Seomangal and Jane Kuo.

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