{"id":19033,"date":"2020-07-20T15:05:29","date_gmt":"2020-07-20T19:05:29","guid":{"rendered":"https:\/\/www.benefitscanada.com\/news\/omers-investing-in-australian-electricity-company-cppib-in-north-america-food-company-148167"},"modified":"2020-07-20T15:05:29","modified_gmt":"2020-07-20T19:05:29","slug":"omers-investing-in-australian-electricity-firm-cppib-in-north-american-food-company","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2020\/07\/20\/omers-investing-in-australian-electricity-firm-cppib-in-north-american-food-company\/","title":{"rendered":"OMERS investing in Australian electricity firm, CPPIB in North American food company"},"content":{"rendered":"
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Staff <\/span> | July 20, 2020 <\/p>\n

The Ontario Municipal Employees Retirement System is acquiring a 19.99 per cent stake in TransGrid, an Australian electricity infrastructure company.<\/p>\n

The organization\u2019s high-voltage transmission network connects around eight million people to the electricity supply. With a high proportion of regulated business making up about 90 per cent of its leased assets, TransGrid offers investors like the OMERS regulated revenue that\u2019s a strong match for pension obligations, according to a press release, which also noted the company has contestable business that provides future growth opportunities to investors.<\/p>\n

\u201cWe are pleased to become investors in TransGrid and be part of this forward-looking company\u2019s further evolution,\u201d said Ralph Berg, global head of infrastructure at the OMERS, in the release. \u201cTransGrid is poised to both continue making a crucial contribution to Australia\u2019s electricity needs, while also playing a key role in helping reduce carbon emissions from the country\u2019s electricity grid.\u201d <\/p>\n

Read: O<\/a><\/strong>MERS investing in German internet infrastructure, PSP in cloud security platform<\/strong><\/a><\/p>\n

With the investment, the OMERS joins a consortium of other investors in the company\u2019s ownership group, including the Caisse de d\u00e9p\u00f4t et placement du Qu\u00e9bec.<\/p>\n

\u201cToday is a proud day for OMERS as TransGrid marks our second infrastructure investment in Australia, after the Port of Melbourne,\u201d said Christopher Curtain, managing director for Australia at OMERS Infrastructure. \u201cThis announcement also represents an increasing role for OMERS in the growth and development of New South Wales, which includes the substantial investment being undertaken by OMERS-owned Oxford Properties in the Sydney Metro Pitt Street over-station development.\u201d<\/p>\n

In other investment news, the Canada Pension Plan Investment Board has invested further in Premium Brands Holdings Corp., which owns a broad range of food manufacturing and distribution businesses throughout the U.S. <\/p>\n

At $86.30 per share, the CPPIB\u2019s latest investment in 400,200 common shares comes to about $34.5 million. A four-month statutory hold period is in place for the common shares from the date of issue, subject to certain exempt trades permitted by applicable securities legislation.<\/p>\n

Read: CPPIB invests in cancer drug royalties, food manufacturing<\/a><\/strong><\/p>\n

The company plans to use the influx of cash from the private placement, as well as a simultaneous public offering, to reduce indebtedness under one of its revolving credit facilities to increase available capital should strategic acquisition opportunities present themselves, according to a press release.<\/p>\n

In May 2019, the company completed<\/a> a private placement of 2,631,000 common shares to the CPPIB at a price of $76.02<\/span> per share. The price was based on a 1.5 per cent discount to the five-day volume-weighted average trading price of Premium Brands\u2019 common shares as of closing on May 17, 2019<\/span>.<\/p>\n

Read the full article at BenefitsCanada.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Staff  | July 20, 2020 The Ontario Municipal Employees Retirement System is acquiring a 19.99 per cent stake in TransGrid, an Australian electricity infrastructure company. The organization\u2019s high-voltage transmission network connects around eight million people...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/19033"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=19033"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/19033\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=19033"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=19033"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=19033"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}