The Canada Pension Plan Investment Board has teamed up with a British investment firm to buy a 30 percent stake in Associated British Ports, which owns and operates nearly two-dozen ports across the U.K.
The stake is worth $2.36 billion, according to Reuters.
More from the Daily Courier:
CPPIB is buying its initial stake in Associated British Ports in partnership with Hermes Infrastructure. They could potentially buy an additional 3.33 per cent, which would make them one-third owners of ABP.
Borealis Infrastructure, which is an arm of the Ontario-based OMERS pension plan, will remain one of ABP’s shareholders as well as the Government of Singapore Investment Corp.
CPPIB and Hermes are acquiring their stake in ABP from GS Infrastructure Partners and Infracapital.
[…]
The CPPIB already had a large presence in the U.K., with about $14.3 billion in investments in several sectors as of Dec. 31, 2014. Earlier this month, the CPPIB bought a portfolio of 40 student residences across the United Kingdom for $2.1 billion.
The deal is expected to close sometime during the summer, according to Reuters.
CPPIB manages about $187 billion (USD) in assets.
Photo by Louis Vest via Flickr CC License
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