CPPIB buying 30 per cent interest in BGL Group for $1.1 billion

The corporate logo of Canada Pension Plan Investment Board (CPPIB) is shown. The Canada Pension Plan Investment Board has signed a $1.1-billion deal to acquire a 30 per cent stake in BGL Group, a digital distributor of insurance and financial services. THE CANADIAN PRESS/HO

November 23, 2017 - 4:57 AM

TORONTO - The Canada Pension Plan Investment Board has signed a $1.1-billion deal to acquire a 30 per cent stake in BGL Group, a digital distributor of insurance and financial services.

BGL Group's brands include Comparethemarket.com, LesFurets.com and online life insurer BeagleStreet.com.

Under the deal, CPPIB will nominate a non-executive director to represent it on the BGL board.

BHL, the current owner of BGL Group, will retain a majority interest in the business.

The deal is subject to customary closing conditions including regulatory approvals.

It is expected to close by the end of April.

News from © The Canadian Press, 2017

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