TORONTO, March 27, 2013 /CNW/ - Ontario Teachers' Pension Plan
(Teachers') today announced an agreement to acquire 70% of three
Australian telecommunications companies from Leighton Holdings Limited
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."
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 www.otpp.com
SOURCE: Ontario Teachers' Pension Plan
For further information:
Director, Communications and Media Relations
Ontario Teachers' Pension Plan