Ontario Teachers' to gain 100 pct stake in Nextgen with CIMIC exit
CIMIC Group Ltd has agreed to sell its 29 percent interest in Australian network connectivity provider Nextgen Group Pty Ltd to Ontario Teachers' Pension Plan. CIMIC said it expects to receive net proceeds of about US$190 million to US$210 million from the exit. Ontario Teachers', which acquired a majority stake in Nextgen in June 2013, will as a result of the transaction have 100 percent ownership of the company. CIMIC said the agreement with the Canadian pension fund is subject to the close of Nextgen's sale of network assets to Vocus Communications Ltd. The sale was announced by Nextgen, Ontario Teachers' and CIMIC in June.
25 August 2016•2 mins read
