Canada Pension Plan Investment Board (CPP Investments) and Alberta Investment Management Corporation (AIMCo) have made a further C$2.4bn (€1.6bn) commitment to BAI Communications, the pair’s communications infrastructure investment venture.
The new capital will support BAI’s global growth strategy, acquisitions and new partnerships, which includes the recent acquisition of Mobilitie, in the US as well as the new partnership with Transport for London (TfL) in the UK, among other initiatives, the Canadian institutional investors said in a joint statement.
Since 2009, CPP Investments has been a majority shareholder in BAI with an 86% stake, with AIMCo as a minority investor.
Scott Lawrence, managing director and head of infrastructure at CPP Investments, said: “We continue to see strong potential in BAI Communications’ vision. BAI has grown from a leading domestic player in Australia to a global provider of cutting edge digital infrastructure solutions across the US, Canada, Hong Kong and the UK.
“The acquisition of Mobilitie and establishment of a long-term partnership with TfL represent attractive opportunities for CPP Investments to increase its financial commitment to BAI and the digital infrastructure sector more broadly and in doing so generate long-term sustainable returns for our contributors and beneficiaries.”
Ben Hawkins, a senior VP, infrastructure and renewable resources at AIMCo, said: “The past year has demonstrated the critical importance of digital infrastructure in all aspects of our lives.
“BAI has been an important digital infrastructure holding in our clients’ portfolios that is further strengthened by its acquisition of Mobilitie and the contract awarded by TfL. The combination of these initiatives capitalise on the enhanced wireless connectivity opportunity in the US, the UK and around the globe.”
To read the digital edition of the latest IPE Real Assets magazine click here.
