CANADA - The Canada Pension Plan Investment Board has partnered with Sterling Partners to acquire the Livingston International Income Fund for C$8 (US$7.65) per unit, Livingston said.
Livingston holds the securities of Livingston International, a provider of customs, transportation and integrated logistics services. The sale represents a 29% premium on the average price of the units in the month leading up to October 7.
CPPIB senior vice president of private investments Mark Wiseman said: "Livingston is a leading Canadian company with a strong management team and a robust platform for long-term growth."
The deal was approved unanimously by Livingston's board of trustees and comes after a strategic review of the company's operations and a confidential auction.
Livingston chairman Peter Valentine said: "This transaction delivers significant value and liquidity to our unit holders and strengthens Livingston's future growth prospects to the benefit of our clients and employees."
Enhanced powers for The Pensions Regulator (TPR) to prosecute and fine company directors who "wilfully or recklessly" put their defined benefit (DB) pension scheme at risk will be hard to enforce, commentators say.
Melrose has pledged to contribute up to £1bn to GKN's pension schemes as part of a final offer to acquire the engineering business.
Existing master trusts will be forced to pay £41,000 when applying for authorisation under the upcoming regime, the government has confirmed.
UPDATE 2 - DWP publishes DB white paper: Stronger powers for TPR, DB chair statements to be introduced
The Pensions Regulator (TPR) will be given the power to fine company bosses who deliberately puts their defined benefit (DB) schemes at risk, the government has confirmed.