Canadian Pension Fund Puts Up $1.4B For German Airport Biz

Law360, New York (May 7, 2013, 1:26 PM EDT) -- German infrastructure construction firm Hochtief AG has agreed to sell off its airport investment business to Canada's Public Sector Pension Investment Board, at a discount, for about €1.1 billion ($1.4 billion) as it refocuses on its building business, according to a Tuesday statement.

The pension investment manager, also known as PSP Investments, is purchasing all of the shares of Hochtief Airport GmbH, which holds European airport assets that are valued at about €1.5 billion, according to Hochtief. Shedding the business is a part of Hochtief's strategy...
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