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November 30, 2015 12:00 AM

Quebec manager takes ride on the rails with Bombardier stake

Rick Baert
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    Christophe Recoura
    Bombardier accepted Caisse's offer after rejecting the idea of doing an IPO or holding an auction.

    The manager of Quebec's provincial pension fund assets is riding the rails.

    Caisse de Depot et Placement du Quebec, Montreal, on Nov. 19 agreed to acquired a 30% stake in Bombardier Transportation U.K. Ltd., a newly created holding company for the rail unit of Canadian transportation company Bombardier Inc.

    Caisse, which manages C$240.8 billion ($180.7 billion) in Quebec retirement and other assets, will pay $1.5 billion for the common equity stake in BT Holdco, which will be executed through a private placement that values the rail unit at $5 billion, Caisse said in a news release. Bombardier will retain the remaining 70% interest.

    Bombardier chose the Caisse investment after previously considering an initial public offering or private-placement auction.

    The agreement cedes much control over operation of the unit to Caisse. If BT Holdco outperforms its business plan, Caisse will reduce its stake by 2.5% annually over five years, but it will increase its holdings by 2.5% annually if the unit underperforms.

    The deal is the second in seven months in which Caisse acquired a minority interest in a high-profile Quebec-based company. In April, Caisse announced it would take an undisclosed stake in Montreal-based entertainment firm Cirque du Soleil from its founder, Guy Laliberte. TPG acquired a majority stake in Cirque du Soleil.

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