June 28, 2021 - 7:16 AM
TORONTO - Canada Pension Plan Investment Board and Alberta Investment Management Corp. are investing an additional $2.4 billion in BAI Communications to help the wireless infrastructure company grow.
CPP Investments is the majority shareholder in BAI, while AIMCo is a minority investor.
BAI announced a deal Monday to buy Mobilitie, the largest privately held telecommunications infrastructure company in the United States.
It says the deal is a major expansion of its business in North America where it provides cellular and Wi-Fi connectivity across large infrastructure projects.
The acquisition is subject to regulatory approvals and is expected to close in the third quarter of this year.
BAI also recently announced a new partnership with Transport for London in Britain.
This report by The Canadian Press was first published June 28, 2021.
News from © The Canadian Press, 2021