Canada Pension Plan Investment Board, Toronto, will acquire life insurance and reinsurance firm Wilton Re Holdings, along with Wilton Re’s management, for US$1.8 billion from a group of private equity investors.
The board, which oversees C$201.5 billion (US$179.8 billion), will own a majority stake in the firm through its Private Investments subsidiary. Wilton management still will hold a small share of the company, said Linda Sims, CPPIB spokeswoman. No management changes at Wilton Re are expected.
Wilton Re is owned by private equity firms Stone Point Capital, Kelso & Co., Vestar Capital Partners and FFL Partners.
Chris Stroup, chairman and CEO of Wilton Re, would not elaborate on the ownership stake or the size of the stakes held by the other current Wilton Re owners.
The deal is subject to regulatory approval. The transaction is expected to close before August, according to a news release from Wilton Re.
