The Ontario Teachers’ Pension Plan intends to increase its stake in Calgary-based NuVista Energy to help finance the takeover of Rider Resources.

Teachers’ will invest $84 million dollars in NuVista and own approximately 14% of the company once the transaction closes sometime in mid-March.

The fund currently has a 9.8% stake in NuVista.

The proceeds of the investment will initially be used to reduce the aggregate outstanding indebtedness of NuVista following completion of the acquisition of Rider.

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