Pension funds to help buy out Stella-Jones investor for $533 mln
Stella Jones International SA, the principal shareholder of Stella-Jones Inc (TSX: SJ), has agreed to sell its remaining interest in the Montréal-based wood products company. The sale will occur through an $876.5 million public offering and private placement. The private placement will see shares sold to British Columbia Investment Management Corp, Caisse de dépôt et placement du Québec, Fonds de solidarité FTQ, GPI Capital, Ontario Municipal Employees Retirement System and President and CEO Brian McManus. Proceeds to the selling shareholder will total more than $533 million. As a result, the Caisse will hold 10.9 percent of Stella-Jones' outstanding common shares and gain board representation.
24 July 2018•7 mins read
