The Alberta Investment Management Corp. is backing an acquisition deal that will see Singapore-based Cyan Renewables buy Australian offshore marine services provider MMA Offshore Ltd. in a deal worth U.S.$714 million.
According to a press release, the AIMCo participated in the acquisition through its investment in Cyan. MMA shareholders stand to obtain a 31 per cent premium over the 90-day volume-weighted average share price with a cash payment of US$1.81 per share.
“As a clear market leader, Cyan is strategically positioned to benefit from the growing offshore wind and marine protection sectors, and this acquisition positions it as an important catalyst in the ‘blue-to-green’ transition of this space,” said Ben Hawkins, the AIMCo’s executive managing director and global head of infrastructure, renewable resources and energy transition, in a press release.
Read: AIMCo opening first Asia office in Singapore, remains leery of China
In other news, the Caisse de dépôt et placement du Québec is investing $103 million in the expansion of a data centre project in Quebec City.
The senior financing transaction to Vantage Data Centers will help fund the construction of a third facility on the four-building campus, which will deliver an additional 16 megawatts of IT capacity to serve increasing demand for cloud services across Quebec and Eastern Canada.
“The surge in data-intensive technologies and cloud service adoption is reshaping the North American digital infrastructure market,” said Marc Cormier, executive vice-president and head of fixed income at the Caisse. “Vantage Data Centers is in a leading position to seize this opportunity due to its vast experience in data center buildout and operations, and longstanding customer relationships.”
Read: Caisse invests up to €300 million in European data centre operator, CPPIB sells Amitra Capital
The Caisse also announced it’s entering a private agreement with Alimentation Couche-Tard Inc. to sell back an 8.6 million share stake worth roughly $700 million to the convenience store operator.
The repurchase price represents a three per cent discount of the closing price for shares of the company on July 22, 2024. In a press release, Kim Thomassin, executive vice-president and head of Quebec at the Caissse, said once the deal is completed, the investment organization will “remain a major shareholder of Alimentation Couche-Tard, with a $2.7 billion stake.”
“We’ve been a partner of the company for nearly 30 years, and we will continue to support the expansion of this international leader,” she said.