Ontario Teachers takes $115.6 mln from HBC secondary offering
A subsidiary of Ontario Teachers' Pension Plan recently sold 4.9 million common shares of Canadian retailer Hudson's Bay Co (TSX: HBC). The secondary offering generated gross proceeds of about $115.6 million. Following the transaction, the selling shareholder held about 16.4 percent of the company's common shares and warrants to acquire common shares. In 2013, Ontario Teachers provided HBC with US$500 million of equity funding to support its acquisition of U.S.-based retailer Saks Inc. HBC has been backed by NRDC Equity Partners since 2008.
19 February 2015•3 mins read
