EQT Active Core Infrastructure Fund (EQT), a private equity company, and GIC, an investing company, announced the acquisition of a majority stake in Calisen, an independent provider of smart meters and energy transition infrastructure in the U.K.
EQT and GIC acquired the stake from funds managed by Global Infrastructure Partners (GIP), a part of BlackRock, the infrastructure business of Goldman Sachs Alternatives and Mubadala Investment Company. Equitix will remain a minority investor. The transaction is subject to the satisfaction of certain conditions, including regulatory approvals.
According to the company, this acquisition will support its growth ambitions and the continued rollout of its energy-transition-related assets, including smart meters, heat pumps, and renewable energy systems in the U.K. and abroad. It will also explore expanding into adjacent sectors, such as smart water metering.
Kunal Koya, Partner in EQT Active Core Infrastructure’s Advisory Team, said: “Calisen is an exciting investment opportunity, combining significant downside protection and cash flow visibility with tangible upside potential. Its critical role in the U.K.’s energy transition aligns perfectly with EQT’s commitment to investing in essential infrastructure that contributes to a more sustainable future. We look forward to partnering with management and GIC to embark on Calisen’s next growth phase.”
According to Mercom’s 9M and Q3 2024 Funding and M&A report for Energy Storage and Smart Grid, in 9M 2024, there were seven Smart Grid M&A transactions compared to eight transactions in 9M 2023.
In August, I Squared, an infrastructure investment manager, agreed to acquire Priority Power, an energy management service provider, through its ISQ Global Infrastructure Fund III. I Squared is acquiring Priority Power from Ara Partners Group, Oaktree Capital Management, and other shareholders.
