Teachers' completes $1.32-billion sale of MLSE
TORONTO – Ontario Teachers' Pension Plan (Teachers') today announced the completion of the sale of its ownership stake in Maple Leaf Sports and Entertainment (MLSE) to Bell and Rogers Communications Inc.
The sale, originally announced in December 2011, has obtained all required approvals and Teachers' has received the $1.32-billion purchase price for its 79.53% ownership share of MLSE.
Teachers' first invested in the company in 1994 through its private equity investment division, Teachers' Private Capital (TPC). An infographic of its ownership history is available here.
"MLSE exemplifies our ability to create value over the long term through expansion and diversification, while delivering returns that support our members' retirement," said Jane Rowe, Senior Vice-President, TPC. "We are proud of our role in building this iconic company, and we wish the new owners much success. While we may no longer be owners, we remain avid fans of the company and its teams."
TPC activities include leading deals on a sole or partnered basis, investing in private equity funds in markets and sectors that it cannot efficiently access directly and co-investing with other like-minded private equity funds. TPC manages a global portfolio valued at approximately $12 billion. About Teachers'
With $117.1 billion in assets as of December 31, 2011, the Ontario Teachers' Pension Plan is the largest single-profession pension plan in Canada. An independent organization, it invests the pension fund's assets and administers the pensions of 300,000 active and retired teachers in Ontario. For more information visit www.otpp.com
Director, Communications and Media Relations
Ontario Teachers' Pension Plan