Teachers’ snags stake in telecoms Down Under

807208_kangaroo_signOntario Teachers’ Pension Plan (Teachers’) has struck a deal to acquire 70% of three Australian telecommunications companies from Leighton Holdings Ltd. (Leighton).

The businesses—Nextgen Networks, Metronode and Infoplex—are currently valued at AUD$885 million.

“We are excited about moving ahead with Leighton. The businesses are a good fit with our portfolio and investment mandate,” said Lee Sienna, vice-president, long-term equities, with Teachers’. “Together, they provide solid revenue streams and growth upside. We look forward to working with the existing management team to build on its strong track record.”

This article originally appeared on Benefitscanada.com.