The Canada Pension Plan Investment Board is selling its approximately-45 per cent interest in GlobalLogic Worldwide Holdings Inc. to Hitachi Ltd., a deal expected to generate US$3.8 billion in net proceeds.

The U.S.-based firm is the parent company of GlobalLogic Inc., which provides digital-engineering services in the development of next-generation software platforms, according to a press release. The CPPIB has held a joint lead-ownership equity stake in GlobalLogic since 2017.

Read: CPPIB to acquire 48% stake in software services company

“[The CPPIB] maintained our position in GlobalLogic over a period of significant ownership transition,” said Hafiz Lalani, managing director and head of Europe and direct private equity at the CPPIB, in the release. “In that time, GlobalLogic performed very well and generated exceptional investment returns, including during the [coronavirus] pandemic when the need for digital transformation only accelerated. Hitachi’s acquisition is a testament to GlobalLogic’s exceptional track record and we look forward to watching the company’s continued growth.”

Global private markets firm Partners Group, which has been an equal-equity partner in GlobalLogic since 2018, will also be exiting as part of the transaction, the release said.