The Investment Management Corp. of Ontario is entering into a new fund that owns a British fibre optic business.
The fund was launched as part of a broader effort to recapitalize the EuNetworks Group, an internet infrastructure and network operator in which the IMCO holds a minority stake. The company, which manages 17 fibre internet networks in the E.U. and the U.K., sold its data centre and fibre optic infrastructure business to a new investment fund. EuNetworks’ existing investors, Stonepeak Infrastructure Partners, the IMCO and APG Asset Management, are the sole investors in the new fund.
In other news, an insurance holding company co-owned by the Caisse de dépôt et placement du Québec and the Ontario Teachers’ Pension Plan is acquiring a US$2.6 billion annuity portfolio in South America.
Constellation Insurance Holdings’ Chilean subsidiary, Ohio National Seguros de Vida S.A., has reached an agreement to acquire the annuity portfolio of Zurich Insurance Group, a company that offers multi-line insurance. The portfolio’s assets are in reserves held in Chile.
The move is part of a broader strategy to expand Constellation’s holdings in Latin America, according to a press release, which noted the move will more than double its market share in Chile.