Latest news with #CaisseDeDepot
Bloomberg
25-05-2025
- Business
- Bloomberg
Canada's CDPQ to Invest More Than $10 Billion in UK, FT Says
Canadian pension fund Caisse de Depot et Placement du Quebec is looking at investing more than £8 billion ($10.8 billion) in the UK over the coming five years, the Financial Times reported. CDPQ, Canada's second-largest pension fund managing C$473 billion ($344 billion), could raise its allocation to UK assets by 50% in that period, the FT reported Sunday, citing an interview with the fund's Chief Executive Officer Charles Emond.
Reuters
14-05-2025
- Business
- Reuters
Exclusive: TenneT in talks with funds to sell up to $13 billion stake in German unit, sources say
FRANKFURT/LONDON, May 14 (Reuters) - State-owned Dutch power grid operator TenneT has kicked off talks with investors about the sale of a minority stake in its German division, four people familiar with the matter said, in what could become one of Europe's largest deals in 2025. Tennet Germany has a regulated asset base (RAB), a key valuation gauge for energy grids, of 27.8 billion euros ($31 billion) as of 2024, which is set to grow by 25% each year through 2029, according to an investor presentation on its website. The Dutch government could raise up to 12 billion euros from a minority stake sale in the division, three of the people said, adding that the amount could be significantly lower depending on the size of the stake settled upon and level of debt. The Dutch state has committed to guarantee a BBB-rated capital structure for TenneT Germany, in line with other German high voltage grid operators (TSOs). Non-binding bids for the business are due mid-June, the sources said, speaking on condition of anonymity because the matter is private. TenneT ( opens new tab and the Dutch government declined to comment. The U.S. trade war has stymied dealmaking in recent weeks but grid assets, which are regulated and provide fixed returns, are expected to be more attractive to investors against a backdrop of falling interest rates and heightened economic uncertainty, the sources said. Funds including Apollo Global Management (APO.N), opens new tab, Canada's Caisse de depot et placement du Quebec (CDPQ) and Macquarie ( opens new tab are interested in the sale, two of the people said. BlackRock-owned (BLK.N), opens new tab Global Infrastructure Partners (GIP) and CPP Investment Board (CPPIB), which manages Canadians' pension savings, are also expected to show interest, one of the people and a third one said. More suitors could emerge and parties are expected to team up given the potential size of the deal, two of the people said, adding there was no certainty of a transaction. Apollo, CDPQ, Macquarie, GIP and CPPIB all declined to comment. The Dutch government has embarked on a dual track process for TenneT Germany after a partial sale to German state lender KfW ( failed to materialise last year. The Hague remains open to Germany taking a stake in the company. Apart from a sale, the government could opt for a partial initial public offering of the business. Dutch Finance Minister Eelco Heinen, in a letter sent to parliament this week, said he wanted to settle on one of the two paths in early July. "Based on discussions with investors and expected non-binding bids, I will assess with TenneT what is expected to be the best option," he said in the letter dated May 13. With a network of more than 14,000 kilometres, TenneT Germany is the country's largest high-voltage power grid operator and made earnings before interest, tax, depreciation and amortisation of 2.2 billion euros in 2024. ($1 = 0.8919 euros)
Bloomberg
07-05-2025
- Business
- Bloomberg
Veolia to Buy Rest of Water Tech Unit in $1.75 Billion Deal
French environmental services company Veolia Environnement SA agreed to buy the rest of Water Technologies & Solutions for $1.75 billion as part of a drive to expand in the US. The acquisition of the 30% stake, currently owned by Caisse de Depot et Placement du Quebec, will allow Veolia to fully merge the business with its own water technology division, the utility said in a statement Wednesday. Combining the two will yield €90 million ($102 million) in cost synergies by 2027, it said. Veolia CEO Estelle Brachlianoff speaks to Francine Lacqua on Bloomberg Television. (Source: Bloomberg)
Wall Street Journal
07-05-2025
- Business
- Wall Street Journal
Veolia to Buy CDPQ's Stake in Water Technologies and Solutions for $1.75 Billion
Veolia is taking full ownership of Caisse de depot et placement du Quebec's Water Technologies and Solutions subsidiary. Photo: valentine chapuis/Agence France-Presse/Getty Images Veolia VIE 0.75%increase; green up pointing triangle said it agreed to buy Caisse de depot et placement du Quebec's minority stake in its Water Technologies and Solutions subsidiary for $1.75 billion, taking full ownership of the subsidiary. The French utility and resource-management company said Wednesday that the deal for CDPQ's 30% stake will allow it to achieve cost savings and accelerate earnings growth at the business while simplifying its structure.
