The Canada Pension Plan Investment Board (CPPIB) will buy US$250 million ($270.6 million) of Markit’s stock as part of its initial public offering (IPO).
The CPPIB will acquire 10.4 million common shares of the financial information services company for US$24 each. The IPO is expected to close on or about June 24.
“This investment fits well with relationship investments’ strategy to provide strategic, long-term capital to leading public companies, like Markit, where CPPIB can participate in the future success of the company and help create greater value through an ongoing partnership,” says Scott Lawrence, vice-president and head of relationship investments.
“We are pleased to become a cornerstone investor in Markit and we see this investment as the start of a long-term partnership with Markit’s experienced management team and board.”
The CPPIB will have the right to nominate one director for appointment to Markit’s board of directors.
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