Omers, the Canadian pension fund manager, is nearing a deal to acquire British utility services provider Network Plus, people with knowledge of the matter said. 

The investment firm could announce an agreement to buy Network Plus as soon as this week, the people said, asking not to be identified because the information is private. A deal could value the business at around £600 million (US$714 million), according to the people. 

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’s customers include Cadent Gas Ltd., National Grid Plc, Yorkshire Water, Wales & West Utilities Ltd., Manchester Airport Group and Network Rail, according to its website. 

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. 

Talks over a deal for Network Plus are ongoing and could still fall apart, the people said. A representative for Omers declined to comment, while calls to Network Plus’s office weren’t answered. 

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