CANADA- UBS has partnered up with Ontario Teachers' Pension Plan with its 50% stake acquisition of Northern Star Generation.
UBS’s Infrastructure Asset Management (IAM) business acquired the stake from AIG Highstar Generation and the transaction was expected to close in Q3 2007, subject to regulatory approvals.
The remaining 50% stake in Northern Star Generation is held by OTPPB US Power, which is owned by Ontario Teachers’ Pension Plan Board (OTPPB).
Northern Star Generation is an unregulated electric generation holding company, with ownership interests in 13 electric generation facilities in California,Colorado, Florida, Georgia, Nevada and Pennsylvania.
UBS global head of IAM Steve Jacobs said: "We are excited about acquiring this 50% interest in NSG, as it represents a company with a strong management team focused on developing a platform of assets that comprise stable, long-term cash flows principally with investment grade rated counterparties. We look forward to working with OTPPB in this investment."
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