The Caisse de dépôt et placement du Québec has bought more than 2.3 million shares of NAPEC for $0.86 a share.
It now owns 12.15% of the common shares outstanding, up from 8.89%.
NAPEC and its subsidiaries build and maintain electrical transmission and distribution grids, as well as networks for natural gas utilities. In addition, the company installs gas- and electric-powered heavy equipment.
Its clients are located primarily in Quebec, Ontario and the eastern United States.
“We believe the existing and future clients of NAPEC are beginning an important investment cycle that will be spread out over several years,” says Martin Garand, investment director at the Caisse. “NAPEC will have the opportunity to participate in this investment cycle, and for a long-term investor like the Caisse, this is an interesting prospect.”
Before this acquisition, the Caisse held 6,360,500 common shares of the corporation, or of the common shares outstanding.
Following this acquisition, the Caisse now owns 8,694,688 common shares of the corporation.
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