The Public Sector Pension Investment Board, along with partner Investcorp, is investing in accounting firm PKF O’Connor Davies LLP.
According to a press release, the new investment will give the firm more flexibility to pursue mergers and acquisitions as well as invest in new technology and service lines. The financial details of the transaction weren’t disclosed.
“We are excited to partner with Investcorp and PKFOD to provide strategic capital and work together in realizing PKFOD’s full potential during their next chapter of growth,” said David Morin, managing director and head of North America private equity at PSP Investments, in the release.
Read: PSP Investments generates 7.2% annual return, net assets increase to $264.9BN
PSP Investments also announced its wholly owned airports platform AviAlliance bought three U.K. airports from Ferrovial and Macquarie.
The airport portfolio — located in Aberdeen, Glasgow and Southampton — was valued at £1.53 billion. Pending regulatory approval, the acquisition is expected to close by the first quarter of 2025.
“We are delighted to add AGS Airports to our infrastructure portfolio and look forward to working with our key stakeholders to improve services to the communities in which AGS Airports operate, recognizing the critical role that these airports play in supporting economic growth in Scotland and England,” said Sandiren Curthan, managing director and global head of infrastructure investments at PSP Investments, in a press release.
Read: PSP Investments acquires 40% interest in Puerto Rico airport
The Caisse de dépôt et placement du Québec announced the completion of a transaction that will see Nuvei Corp. become a private company. Prior to the closing of the transaction, the investment organization owned 17.6 million shares in the Quebec-based payment technology firm at a price of US$34 per share.
The Caisse is now a shareholder of Neon Maple Purchaser Inc., the purchaser in the transaction and owned by Advent International. The investment organization no longer beneficially owns or controls any Nuvei shares and instead now owns roughly 12 per cent of equity in the resulting private company.
Read: Caisse participating in financing round for Quebec payment-tech provider
In other news, the British Columbia Investment Management Corp. is selling U.S.-based fibre internet provider Ziply Fiber LLC to Bell Canada. The BCI originally acquired Ziply in 2020.
The firm is valued at roughly $7 billion with the accepted offer consisting of nearly $5 billion in cash and the assumption of $2 billion of outstanding net debt rolled over at the transaction close.
“Today, demand for fibre optic services remains very high, and we’re excited for the opportunity ahead for a known Canadian brand like Bell to leverage these core assets as they pursue their new U.S. expansion strategy,” said Jim Pittman, executive vice-president and global head private equity at the BCI, in a press release “Our team continues to see opportunities in the fibre optic space and will continue to evaluate new opportunities in the sector.”
Read: BCI, CPPIB and PSP in deal to form new internet provider