Transaction|April 27, 2018

Student Transportation acquired by a group of investors led by CDPQ

Torys acted as counsel to CDPQ and Ullico as the Purchaser Group with a team led by David Chaikof and Cornell Wright and that included David Forrester, Marissa Daniels, Amanda Balasubramanian, Andrew Gray, Emily Debono and Vidushi Hora (Canadian corporate), Jonathan Wiener and Heding Yang (U.S. corporate), Jerald Wortsman, Scott Semer, Peter Keenan and Gwen Watson (Canadian and U.S. tax), Omar Wakil and Christopher Caparelli (Canadian and U.S. regulatory).

On February 28, 2018, Student Transportation Inc. ("STI") announced that it entered into a definitive agreement with a company sponsored by Caisse de dépôt et placement du Québec ("CDPQ") and Ullico Inc. ("Ullico", and together with CDPQ, the "Purchaser Group") pursuant to which the Purchaser Group will acquire all of the STI's outstanding common shares (other than common shares already owned by the Purchaser Group) by way of a plan of arrangement under the Business Corporations Act (Ontario).

The Board of Directors of STI unanimously approved the arrangement and recommends shareholders vote in favour of the arrangement.

Student Transportation announced the closing of the arrangement on April 27, 2018.

STI is an industry leader in school transportation, safety and fleet services. They operate more than 13,500 vehicles, providing customers with the highest level of safe and reliable student transportation, management, logistics and technology solutions throughout the U.S. and Canada.

CDPQ is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans, holding C$298.5 billion in net assets, as at December 31, 2017.

Ullico, the only labor-owned insurance and investment company, has been a proud partner of the labor movement, keeping union families safe and secure for more than 90 years.

Further information can be found on Globe Newswire's website.