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."
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