CPP Investment Board

CPP Investment Board

June 30, 2009 02:11 ET

Macquarie Communications Infrastructure Group Security Holders Approve Sale to CPP Investment Board

TORONTO, ONTARIO--(Marketwire - June 30, 2009) -

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The CPP Investment Board (CPPIB) announced today that the security holders of Macquarie Communications Infrastructure Group (MCG) voted in favour of accepting CPPIB's proposal to acquire all the stapled securities of MCG(1) which was initially announced on March 30, 2009.

CPPIB's proposal represents a total equity value of MCG at A$1.64 billion (approximately C$1.52 billion). The total consideration for the transaction, including amounts used to repay debt, is expected to be approximately A$2.2 billion (approximately C$2.1 billion).

Mark Wiseman, Senior Vice-President, Private Investments said: "We are pleased that MCG's security holders voted overwhelmingly in favour of our proposal. As a long-term investor, we look forward to working with each MCG portfolio company management team to continue developing and growing their respective businesses. This transaction enables us to expand our infrastructure portfolio with the acquisition of a diversified group of high-quality infrastructure assets that we believe will deliver stable cash flows to the CPP Fund for many years to come."

The transaction, proposed to be implemented via inter-conditional schemes of arrangement, is still subject to formal court approval in Bermuda and Australia on July 2, 2009 and July 3, 2009 respectively.

For further details, please go to: www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=MCG#headlines

Exchange rate used: C$1:A$1.0769

(1) Other than those stapled securities held by MCG's manager, Macquarie Communications Infrastructure Management Limited (MCIML). As previously announced, CPPIB proposes to acquire MCIML by way of a separate inter-conditional transaction, and in conjunction with that acquisition, to also acquire MCIML's entire holding of approximately 18.3% of MCG's stapled securities.

About CPP Investment Board

The CPP Investment Board is a professional investment management organization that invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of 17 million Canadian contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, the CPP Investment Board invests in public equities, private equities, real estate, inflation-linked bonds, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in London and Hong Kong, the CPP Investment Board is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At March 31, 2009, the CPP Fund totaled C$105.5 billion. For more information, please visit www.cppib.ca.


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