Caisse, CPPIB, Ontario Teachers’ invest in insurance company

The Caisse de dépôt et placement du Québec is selling 1.3 per cent of the issued and outstanding common shares it holds of insurance provider Intact Financial Corp.

The investment organization will sell about 2.3 million shares at a price of $227.10 per share, resulting in gross proceeds of approximately $525 million. Once the transaction closes, the Caisse will remain a shareholder in Intact holding approximately 8.9 per cent of the issued and outstanding common shares.

“For several years, [the Caisse] has been alongside Intact to support it in its major acquisitions and we continue to have confidence in its growth prospects,” said Vincent Delisle, senior vice-president and head of liquid markets at the Caisse, in a press release.

Read: Caisse, CPPIB, Ontario Teachers’ invest in insurance company

In other news, the British Columbia Investment Management Corp. is gaining an ownership stake in Australian horticultural operator Costa Group.

Costa’s shareholders accepted a $3.20 per share offer from a group consisting of the investment organization, Paine Schwartz Partners and Driscoll’s Inc. The company officially delisted from the Australian Stock Exchange earlier this month. The fruits and vegetables grower manages a production network across Australia, China, Morocco and southern Africa.

Read: BCI’s net assets grow 3.5% in fiscal 2023, led by alternatives

The Ontario Teachers’ Pension Plan is investing in Advanz Pharma alongside Nordic Capital. The Canadian-based pharmaceutical company has a focus on specialty, hospital and rare diseases pharmaceuticals. It counts with commercial sales in more than 90 countries. Financial details of the transaction weren’t disclosed.

In a press release, Jean-Charles Douin, senior managing director of private capital for Europe, the Middle East and Africa at the Ontario Teachers’, said the new investment will support the development of the company for years to come. “Advanz aligns well with our strategy of backing proven management teams in businesses with strong growth potential.”

Read: Ontario Teachers’ co-sponsoring new Indian renewable energy fund, OPTrust considers selling stake in Spain transport infrastructure company

The Public Sector Pension Investment Board’s owned company FirstLight completed an acquisition deal for renewable energy production and development operator Hydromega Services Inc.

The deal includes ownership interest in ten hydropower generating stations spread across Quebec and Ontario, as well as wind, solar, storage and hydroelectric projects owned by Hydromega. The financial details of the transaction weren’t disclosed.

Read: PSP Investments reports $48.9BN exposure to green assets