The Canada Pension Plan Investment Board is joining several other investors in purchasing Ultimate Software, a human capital management solutions provider.

Led by private equity firm Hellman & Friedman, the investor group made an all cash transaction for $331.50 per share of the company, at an aggregate value of about $11 billion. After the deal, Ultimate will function as a privately held company, coming off the Nasdaq exchange where it was previously publicly traded.

Read: CPPIB invests $665M in U.S. packaging company

“The transaction provides our stockholders with a substantial premium,” said Scott Scherr, chief executive officer, president and founder of Ultimate, in a press release. “Our decision was also made with the best interests of our 5,144 employees and our more than 5,600 customers at heart.

“This change will bring meaningful benefits to our employees and customers — both in the long and short terms. Since all of our employees are given equity in Ultimate when they join us, as stockholders, this transaction will result in immediate financial upside for them. Today’s announcement will also allow us to make additional, prudent investments in our products and services to better serve our customers,”

The transation, which is subject to stockholder approval, is expected to close in mid-2019.

Read: CPPIB issues Euro-denominated green bonds

Copyright © 2020 Transcontinental Media G.P. Originally published on

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