The Ontario Municipal Employees Retirement System pension fund sold a long-held stake in the U.K.’s second-largest natural gas distribution network on Wednesday for $1.6-billion, more than tripling its original investment and raising capital for new infrastructure projects.
Toronto-based OMERS acquired a 25-per-cent stake in utility Scotia Gas in 2005 for $555-million, and announced it is selling the holding to Global Infrastructure Partners, a US$77-billion private equity fund based in New York.
BofA Securities advised OMERS on the Scotia Gas sale, and the fund manager used law firm Latham & Watkins LLP. The transaction marked the second shakeup in Scotia Gas’s ownership this year, after U.K. renewable energy producer SSE sold its 33.3-per-cent holding during the summer for £1.2-billion, or $2.1-billion, to Teachers and Brookfield.
Read more/Source: The Globe and Mail
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