Borealis-backed Teranet to acquire Manitoba property registry for $75 mln
Land registration specialist Teranet Inc has signed an agreement with the Manitoba government to transfer the province's property registry to Teranet Manitoba LP by Mar. 2014. Under the terms of the agreement, Teranet will make an upfront payment of $75 million and annual royalties starting at an estimated $11 million per year, growing to an estimated $24 million by end of term. Additionally, Teranet Manitoba will invest about $35 million in systems development to make property searches and registrations available on an online system. Based in Toronto, Teranet is a portfolio company of Borealis Infrastructure, an investment arm of the Ontario Municipal Employees Retirement System. Borealis bought the company for $1.6 billion in 2008.
10 February 2014•4 mins read
