CANADA - The Ontario Teachers' Pension Plan has acquired CTVglobemedia's remaining 7.7% stake in Maple Leaf Sports and Entertainment (MLSE), owner of several sports franchises including hockey league Toronto Maple Leafs.
The move will boost OTPP ownership in MLSE to 66%.
OTPP Private Capital - the pension fund's private investment department - senior vice president Erol Uzumeri said: "MLSE has proven itself an excellent investment for us over the years. Our increased investment in MLSE reflects our confidence in the organization's long term success on and off the field of play."
MSLE also owns and operates basketball team Raptors, soccer league Toronto FC and hockey team Marlies.
The company also owns a number of a sports and entertainment venues, broadcasting operations, and retail and real estate developments.
Financial details of the transaction were not disclosed. Closing will occur once league approvals have been obtained.
Kilmer Sports president and MLSE chairman Lawrence Tanenbaum continues to be the second largest shareholder of MLSE with a 20.5% stake. Tanenbaum purchased the first half of CTVglobemedia's former ownership position in a transaction that closed earlier this year.
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