Canada Pension Plan Investment Board completes acquisition of Macquarie Communications Infrastructure Group

Torys acted as Canadian regulatory counsel to Canada Pension Plan Investment Board with a team that included John Cameron, Paul Cowling and Huw Evans.

On June 30, 2009, Canada Pension Plan Investment Board (CPPIB) announced that the security holders of Macquarie Communications Infrastructure Group (MCG) accepted CPPIB's proposal to acquire all the stapled securities of MCG, other than the stapled securities held by MCG's manager, Macquarie Communications Infrastructure Management Limited (MCIML).

As previously announced on March 30, 2009, CPPIB proposed to acquire MCIML by way of a separate inter-conditional transaction, and in conjunction with that acquisition, to also acquire MCIML's entire holding of approximately 18.3% of MCG's stapled securities.

CPPIB's proposal represents a total equity value of MCG at A$1.64 billion (approximately C$1.52 billion). The total consideration for the transaction, including amounts used to repay debt, is expected to be approximately A$2.2 billion (approximately C$2.1 billion).

The transaction, proposed to be implemented via inter-conditional schemes of arrangement, is still subject to formal court approval in Bermuda and Australia on July 2, 2009 and July 3, 2009 respectively.

Further information is found on CPPIB's website.