The Seven Largest Deals by Canadian Pensions in 2015

Last year saw Canada’s largest pension funds pour tens of billions into public companies, toll roads, infrastructure and real estate.

This week, the Globe & Mail put together a list of the seven biggest deals struck by Canadian pension funds in 2015. Read on:

1. ANTARES

Pension Plan: Canada Pension Plan Investment Board

Total Deal Value: $12-billion, including a $3.85-billion equity stake

What they got: General Electric Co.’s private-equity lending business, which targets smaller companies in several industries. The pension plan had been watching for business opportunities in this space for several years, and seized on the chance to avoid having to build operations from scratch.

2. TRANSGRID (99-year lease)

Pension Plan: Caisse de dépôt et placement du Québec

Total Deal Value: $7.4-billion

What they got: Long-term control of about 13,000 km of the electricity transmission network of the state of New South Wales in Australia, along with investment partners. These high-voltage power lines reach economic and political capitals in the country and help diversify the pension plan’s assets by geography.

3. FORTUM DISTRIBUTION AB

Pension Plan: Ontario Municipal Employees Retirement System

Total Deal Value: $7-billion

What they got: A 50-per-cent stake in the second-largest electricity distribution business in Sweden, alongside some local pension plans.The solid regulatory environment and OMERS’ goal to increase its exposure to infrastructure were driving forces behind the deal, along with the relative scarcity of big, desirable electricity assets. The business has since been renamed Ellevio.

4. HUTCHISON 3G UK HOLDINGS (CI) LTD.

Pension Plans: Canada Pension Plan Investment Board and the Caisse de dépôt et placement du Québec

Deal Value: $4.8-billion

What they got: A slice of a major U.K. telecom business. Hong Kong billionaire Li Ka-shing’s firm Hutchison Whampoa Ltd. bought U.K. telco O2 for £9.25-billion to merge it with his existing telecom operator Three UK, but he needed some investment partners to get the deal done. Two Canadian funds stepped in, along with some other investors, to acquire one-third of the merged company. The deal was a chance to cozy up to a new investment partner with a global network.

5. INFORMATICA CORP.

Pension Plan: Canada Pension Plan Investment Board

Deal Value: $4.7-billion

What they got: To privatize a growing big data company alongside a partner. The deal saved Informatica from a fight with an activist investor. The California-based software developer helps other companies make their data more useful.

6. SKYWAY CONCESSION CO. LLC

Pension Plans: Canada Pension Plan Investment Board, Ontario Municipal Employees Retirement System and Ontario Teachers’ Pension Plan

Deal Value: $2.8-billion

What they got: The Chicago Skyway Toll Bridge System, split three ways. The pension plans jointly acquired a 88-year lease of the well-established system that connects downtown Chicago and its southeastern suburbs.

7. HERITAGE ROYALTY LP

Pension Plan: Ontario Teachers’ Pension Plan

Deal Value: $2.6-billion

What they got: A portfolio of land and oil and gas royalties in Western Canada, sold by Cenovus Energy Inc. for some badly needed cash. Teachers said its “opportunistic” deal had secured a steady stream of the company’s future revenues.

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