The Caisse de dépôt et placement du Québec is selling its stake in a Quebec-based automotive aftermarket equipment manufacturer.

Last week, Uni-Select Inc., which manufactures paint and refinishing products for the automotive aftermarket sector, held an extraordinary shareholder meeting to vote on a $2.8 billion acquisition offer. The deal came from LKQ Corp., a Chicago-based aftermarket parts manufacturer. It received the support of 98.9 per cent of shareholders.

The Caisse, which owned a 9.75 per cent stake in Uni-Select, didn’t publicly support the deal before the vote. It will collect $273 million from the sale.

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In other news, the Ontario Teachers’ Pension Plan is participating in a US$400-million buy-back scheme for shares in an outdoor construction equipment manufacturer.

The pension fund and Ares Management Corp. are selling 14 million shares in AZEK Co. Inc. as part of a buy-back scheme announced by the company’s board earlier this year. The two organizations will receive about US$343 million from the sale.

The move is part of the Ontario Teachers’ broader exit from the company. In 2021, it held a 51 per cent stake in the business. Prior to the buy back, its total stake was 12.3 per cent.

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