CPP investment arm pays $200M for stake in Peruvian gas firm
Pension fund purchased stake of Transportadora de Gas del Peru SA, Peru's largest gas exporter
TORONTO—The Canada Pension Plan Investment Board (CPPIB) says it has paid $200-million for a 10.4 per cent equity stake in the largest natural gas transporter in Peru.
The pension fund purchased the stake of Transportadora de Gas del Peru SA (TGP) from engineering and construction firm Grana y Montero.
TGP is also Peru’s largest gas exporter, and one of the largest in Latin America.
The CPPIB, one of Canada’s biggest pension funds, invests money not needed by the Canada Pension Plan to pay benefits for some 18 million current and retired contributors.
CPPIB had net assets of $192.8-billion as of Sept. 30, up from $188.9-billion at the end of the previous quarter.