Teachers’ snags stake in Australian telecoms companies

Ontario Teachers’ Pension Plan (Teachers’) has struck a deal to acquire 70% of three Australian telecommunications companies from Leighton Holdings Ltd. (Leighton).

The businesses—Nextgen Networks, Metronode and Infoplex—are currently valued at AUD$885 million.

“We are excited about moving ahead with Leighton. The businesses are a good fit with our portfolio and investment mandate,” said Lee Sienna, vice-president, long-term equities, with Teachers’. “Together, they provide solid revenue streams and growth upside. We look forward to working with the existing management team to build on its strong track record.”