Ontario Teachers' and CPPIB complete investment in IDEAL subsidiary Promotora Punta Cometa
Impulsora del Desarrollo y el Empleo en América Latina, S.A.B. de C.V. ("IDEAL"), in connection with its June 9th, 2016 notice, hereby informs public investors that Canada Pension Plan Investment Board ("CPPIB") and Ontario Teachers' Pension Plan ("Ontario Teachers'") have completed the investment in IDEAL's subsidiary Promotora Punta Cometa, S.A. de C.V. ("Promotora Punta Cometa"), holder of the shares of Autopista Arco Norte, S.A. de C.V.
This investment totals $19,271 million Pesos, and will be used by IDEAL for investment in infrastructure projects in Mexico and for the payment of debt. The Promotora Punta Cometa ownership structure is as follows: IDEAL 50.5%, CPPIB 29%, Ontario Teachers' 20%, and Seguros de Crédito Inbursa 0.5%
Promotora Punta Cometa's main asset is the 99% of the shares of Autopista Arco Norte, S.A. de C.V., holder of the Concession Title granted by the Mexican Secretaría de Comunicaciones y Transportes to build, operate, and maintain a 223 km. toll road in the states of Hidalgo, State of Mexico, Tlaxcala and Puebla in the United Mexican States.
This investment constitutes CPPIB's and Ontario Teachers' first joint investment in the Mexican market. CPPIB and Ontario Teachers' are two of the largest pension funds in the world, with combined assets under management of more than $350 billion US Dollars.
Through this strategic alliance, the investors look forward to working together to identify new investment opportunities in different infrastructure sectors.
For more information, contact:
Andres Alija Guerrero
Chief Financial Officer