This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
March 27, 2013 /PRNewswire/ - Ontario Teachers' Pension Plan (Teachers') today announced an agreement to acquire 70% of three Australian telecommunications companies from Leighton Holdings Limited (Leighton).
The acquisition of Nextgen Networks, Metronode and Infoplex values 100% of these businesses at
A$885 million, subject to certain adjustments. Leighton, based in
Sydney, will retain a 30% interest in the companies. The transaction is subject to various approvals (including Australian Foreign Investment Review Board) and is expected to close in mid-2013.
Nextgen manages high-speed, carrier-grade fibre network services; Metronode provides data centre and related value-added services; and Infoplex provides cloud and ICT services. These businesses will be brought together under a new ownership structure following deal completion, and will remain headquartered in
Australia with existing management remaining largely in place.
This transaction is led by Teachers' Long-Term Equities group, which focuses on direct investments with steady cash flow, growth potential over a long-term horizon and a low to moderate level of risk.
"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. "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."
About Teachers' With
$117.1 billion in assets as of
December 31, 2011, the
Ontario Teachers' Pension Plan is the largest single-profession pension plan in
Canada. An independent organization, it invests the pension fund's assets and administers the pensions of 300,000 active and retired teachers in
Ontario. For more information visit
SOURCE Ontario Teachers' Pension Plan