The Foreign Investment Review Board has given the green light to a consortium led by private equity giant Kohlberg Kravis Roberts and the Ontario Teachers’ pension fund to buy out Spark Infrastructure, paving the way for the $5.2 billion deal to be closed by year-end.

The consortium will get the keys to the power grid operator on December 22 if the NSW Supreme Court approves the scheme in the mandatory second hearing required for the takeover deal.