The Ontario Teachers’ Pension Plan is selling its remaining 19.9 per cent free cash flow interest held in a mining asset to New Gold Inc.
The transaction of the New Afton mine will net the investment organization US$300 million. Last year, the Ontario Teachers’ reduced its stake from 46 per cent to 19.9 per cent for a US$25 million cash payment.
“We are pleased with the favourable outcome of our strategic partnership with New Gold, a leading Canadian mining company,” said Christopher Metrakos, senior managing director of infrastructure and natural resources at the Ontario Teachers’, in a press release.
Read: Ontario Teachers’ Pension Plan signs US$300M investment deal with New Gold
A new $7 billion equity investment in Rogers Communications Inc. included the Canada Pension Plan Investment Board, the Caisse de dépôt et placement du Québec, the Public Sector Pension Investment Board and the British Columbia Investment Management Corp.
The transaction is being managed by Blackstone Inc. under an agreement that will see the firm acquire a non-controlling interest in a new Canadian subsidiary of Rogers that will own a minor part of the company’s wireless network. The Canadian telecommunications firm will retain operational control of the network and add its financial results to its overall consolidated financial statements.
“[The] BCI is pleased to support Blackstone through partially funding their equity investment in the new Rogers Communications joint venture subsidiary holding backhaul network infrastructure,” said Daniel Garant, executive vice-president and global head of public markets at the BCI, in a press release.
In other news, the Caisse is confirming an acquisition by its owned asset Verene Energia in Brazil.
As part of the deal, Verene Energia will acquire the power transmission business unit of Equatorial S.A., which owns and operates seven power transmission lines. The transaction is valued at $1.2 billion and represents the fourth investment deal by the Caisse in the power transmission sector in Latin America since 2022.
In a press release, Emmanuel Jaclot, executive vice-president and head of infrastructure at the Caisse, said the investments reinforces its investment interest in Brazil. “It also reflects our appetite for its power transmission sector, which offers a stable and predictable regulatory framework that is attractive to our clients.”
The Caisse is also becoming a minority shareholder in Synex Business Performance, an independent insurance brokerage firm in Quebec.
The new investment from the Caisse, alongside Ares Management Corp., will accelerate growth for the firm through acquisitions. The financial details of the deal weren’t disclosed.
“With this transaction, [the Caisse] is supporting Synex in its ambitious growth plan through both equity and debt financing,” said Kim Thomassin, executive vice-president and head of Quebec, in a press release.
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