Canada Pension Plan Investment Board, Toronto, and British Columbia Investment Management Corp., Victoria, are part of a group that has offered to buy Asciano Ltd., valuing the Australian port and rail operator at A$12 billion ($9 billion).
The acquisition group also includes Singapore sovereign wealth fund GIC; Qatar Investment Authority, Doha; China Investment Corp., Beijing; and Brookfield Asset Management, according to a filing by Asciano with the Australian Securities Exchange.
Asciano’s Pacific National railway business will be acquired jointly by CPPIB, BCIMC, GIC, CIC and infrastructure firm Global Infrastructure Partners.
The company’s ports business will be split, with its Patrick container terminal business going to a joint venture with Brookfield, BCIMC and Australian infrastructure manager Qube Holdings. The same members of the joint venture with the exception of Qube will acquire Asciano’s Bulk & Automotive Port Services business, according to the filing.
Asciano shareholders will vote on the proposal in early June, and the deal also requires regulatory approval.
CPPIB manages the assets of the C$282.6 billion ($212.1 billion) Canada Pension Plan, Toronto. BCIMC manages C$123 billion in provincial pension and governmental assets. GIC has more than $300 billion in assets, while QIA has an estimated $256 billion and CIC, $635 billion.