On October 11, 2011, U.S.-based retail discount chain 99¢ Only Stores announced that it has agreed to be acquired by a consortium formed by funds advised by Ares Management LLC and the Canada Pension Plan Investment Board (CPPIB) in a deal with a transaction value of approximately US$1.6 billion.
The transaction is subject to shareholder and regulatory approvals and other customary conditions.
99¢ Only Stores has 289 extreme value retail stores in the United States, with 214 in California, 35 in Texas, 27 in Arizona and 13 in Nevada.
Canada Pension Plan Investment Board is a professional investment management organization that invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of 17 million Canadian contributors and beneficiaries. As of June 30, 2011, the CPP Fund totalled C$153.2 billion.
Further information can be found on the CPPIB’s website and The Financial Post.