CPP triples stake in Peru natural gas firm
TORONTO — The Canada Pension Plan Investment Board has more than tripled its stake in the largest natural gas transporter in Peru.
The pension fund says it paid $607 million US to buy an additional 23.6-per-cent equity stake in Transportadora de Gas del Peru SA.
The agreement will help increase its holdings to 36.8 per cent, when factoring in two other transactions it has negotiated for smaller stakes of TGP, it said. The CPPIB bought an initial 10.4 per cent stake in January.
The CPPIB, one of Canada’s biggest pension funds, made the latest acquisition from Tecpetrol International SA, Tecpetrol Internacional SLU and Tecpetrol SA.
CPPIB also said it expects to buy an added 2.4-per-cent stake in TGP from Enagas Internacional SL and a 0.4per cent interest from Corporacion Financiera de Inversiones. Both transactions are pending certain approvals.
The transaction Monday also included the purchase of Compania Operadora de Gas del Amazonas, which operates the natural gas company.