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The Caisse de dépôt et placement du Québec is entering exclusive negotiations to acquire France-based Akiem, a provider of freight locomotive leasing services in Europe.

The offer is subject to customary consultation with employee representative bodies within Akiem and its current owner, the SNCF Group, according to a press release, which noted the transaction is subject to the approvals of competition authorities.

“Akiem’s size and positioning across the entire value chain, including maintenance, give it a significant competitive edge to benefit from the expected growth in the locomotive leasing market across Europe,” said Emmanuel Jaclot, executive vice-president and head of infrastructure at the Caisse, in the release. “With three-quarters of its fleet already operating on electricity, Akiem offers a sustainable response to the challenges of decarbonizing transport, a solution that appealed to us from the start.”

Read: Caisse to redevelop Quebec City mall, Ontario Teachers’ acquiring Dutch logistics portfolio

In other news, the Alberta Investment Management Corp. and Railpen Investments are jointly acquiring a 94 per cent stake in U.K.-based Constantine Energy Storage.

The company is investing more than £400 million to build out a pipeline of battery energy storage projects as the U.K transitions to net-zero emissions.

“The acquisition of [Constantine] is an ideal fit for our growing global portfolio of high-quality infrastructure assets,” said Ben Hawkins, head of infrastructure, renewables and sustainable investing at the AIMCo, in a press release. “Grid-scale batteries are a critical enabler of the U.K. energy transition and the country’s net-zero ambitions. We look forward to leveraging our deep asset expertise, working closely with the management team to build and grow this business that will support [the U.K.’s] energy needs and transition over the long term.”

Read: AIMCo acquiring rail service provider, Ontario Teachers’ reinvesting in medical platform provider

And the Ontario Teachers’ Pension Plan is selling Spain-based funeral services company Mémora Group to insurance company Grupo Catalana at an enterprise value of roughly €600 million.

“We are proud to have worked with the Mémora team over the last five years and to have helped it reinforce its position as a leading funeral services company in the Iberian peninsula,” said Jean-Charles Douin, senior managing director of private capital for Europe, the Middle East and Africa at Ontario Teachers’, in a press release.

“Having delivered on our investment plan for Mémora, we now feel that it is the right time to leave it in good hands. We look forward to watching the business continue to flourish under the stewardship of Grupo Catalana Occidente.”

Read: Ontario Teachers’ acquiring reverse mortgage lender, OMERS financing EV battery manufacturer