MONTREAL, Feb. 3 /CNW Telbec/ - The Caisse de dépôt et placement du
Québec announced today an agreement with Laurentides Investissements
S.A.S. (a subsidiary of GDF Suez, a major French energy company) to
significantly increase its investment in Gaz Métro. This transaction
follows a similar one announced in November 2010, in which the Caisse
acquired SNC-Lavalin's stake.
The Caisse, alongside its partner Enbridge Inc., will consequently buy
out the entire 17.56% Laurentides Investissements stake in Noverco, an
investment company that owns 100% of Gaz Metro Inc.
Upon completion of this transaction, the Caisse will hold up to 10.7%
more in Noverco, which may represent a $227 million investment,
pursuant to the exercise of purchase rights by other limited partners
(see the fact sheet below).
"Our profitable business relationship with Gaz Métro dates back many
years, which allowed us to acquire an in-depth knowledge of the
company. We believe that Gaz Métro possesses the strengths to maintain
its current position as a leader. The Caisse is a long-term investor
and Gaz Métro, a high-quality investment, provides consistent returns
to its depositors and the Québec economy," said Michael Sabia, Caisse
President and Chief Executive Officer.
The Laurentides Investissements buyout is conditional on the customary
regulatory approvals for this type of transaction.
ABOUT THE CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
The Caisse de dépôt et placement du Québec is a financial institution
that manages funds primarily for public and private pension and
insurance plans. At December 31, 2009, it held $131.6 billion of net
assets. As one of the leading institutional fund managers in Canada,
the Caisse invests in the main financial markets as well as in private
equity and real estate. For more information: www.lacaisse.com.
TRENCAP L.P. is a limited partnership that owns a significant stake in Noverco. The
Caisse acquired the SNC-Lavalin interest in Trencap in November 2010,
which led to a 3.7% increase in its indirect Noverco stake.
NOVERCO is an investment company that owns 100% of Gaz Métro Inc. and, as a
result, stakes of 71% in Gaz Métro Limited Partnership and 9.1% in
Enbridge Inc., a strategic partner of the Caisse for many years.
PRO FORMA OWNERSHIP STRUCTURE
The organization chart is available online.
SOURCE CAISSE DE DEPOT ET PLACEMENT DU QUEBEC
For further information:
Source and Information :
Senior Director, Media Relations