Ontario Teachers, Abu Dhabi take $363.5 mln in HBC secondary sale
Canadian retailer Hudson’s Bay Co (TSX: HBC) has completed a secondary shares offering on behalf of Hanover Investments, an affiliate of Abu Dhabi Investment Council, and the Ontario Teachers' Pension Plan. The sale generated aggregate gross proceeds of about $363.5 million, leaving Hanover with about 14.8 percent of the company's outstanding common shares, and Ontario Teachers with about 15 percent. In 2013, Ontario Teachers provided Hudson’s Bay with funding in support of its acquisition of U.S. retailer Saks Inc. The company is also backed by NRDC Equity Partners.
28 April 2015•3 mins read
