TORONTO, ONTARIO--(Marketwired - Jan. 13, 2017) - OMERS, the pension plan for Ontario's municipal employees, announces that pursuant to the closing of a private placement of Fairfax India Holdings Corporation ("Fairfax India") on January 13, 2017, OMERS Administration Corporation ("OMERS") has acquired 17,021,500 subordinate voting shares of Fairfax India ("Shares") at a price of USD$11.75 per Share for total consideration of USD$200,002,625.
Immediately prior to this purchase, OMERS beneficially owned and controlled 3,342,014 Shares or 4.46% of the class. OMERS now beneficially owns and controls 20,363,514 Shares, representing 17.34% of the class.
OMERS holds the Shares for investment purposes and may in the future increase or decrease its ownership or control of the Shares depending on market conditions, the business prospects of Fairfax India, or other factors or conditions.
This news release is issued as required by applicable securities laws. An early warning report will be filed on SEDAR and will be available for review at www.sedar.com under Fairfax India Holdings Corporation. A copy of the early warning report may also be obtained from:
Manager, Communications - Investments
1 University Avenue, 6th Floor
Toronto, ON M5J 2P1
Founded in 1962, OMERS is one of Canada's largest defined benefit pension plans, with more than C$77 billion in net assets as at December 31, 2015. It invests and administers pensions for 461,000 members from municipalities, school boards, emergency services and local agencies across Ontario. OMERS has employees in Toronto and other major cities across North America, the U.K., Europe and Australia -- originating and managing a diversified portfolio of investments in public markets, private equity, infrastructure and real estate.