OMERS is looking to buy a 29.9% interest in Brit PLC from Toronto-based Fairfax Financial Holdings.

Fairfax is in the process of buying the U.K. insurance company in a friendly deal worth US$1.88 billion.

OMERS assets top $70-billion mark

A filing with the London Stock Exchange, where Brit PLC lists its shares, said OMERS would pay Fairfax the equivalent of US$4.30 per share—about what Fairfax will pay in British pence under the deal announced Feb. 17.

It said the sale of Brit shares to OMERS wouldn’t be effective until appropriate regulatory clearances and definitive documents are complete.

OMERS is one of Canada’s largest pension funds, with C$72 billion invested on behalf of 450,000 members of the Ontario Municipal Employees Retirement System.

It doesn’t have any Brit shares but it does have major investments in the United Kingdom and elsewhere both inside and outside Canada.

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