Ontario Teachers' in advanced talks to buy TD's Maple Leaf Sports stake
The Ontario Teachers' Pension Plan (OTPP) said Tuesday it is in advanced discussions to acquire Toronto-Dominion Bank's (TSE:TD) shares in Maple Leaf Sports and Entertainment (MLSE). If successful, the deal would increase OTPP's interest in MLSE by 13.46%, up to a near 80% stake.
The MLSE counts most Toronto-based sports teams amoung its assets, including the Toronto Maple Leafs, the Toronto Raptors and the Toronto FC.
In 1994, the OTPP paid $180 million to buy into what would become the MLSE in 1998.
With $107.5 billion in assets, the OTPP is the largest single-profession pension plan in Canada. The independent organization is responsible for investing the pension fund's assets and administering the pension of the 295,000 active and retired teachers in Ontario.
This potential acquisition may surprise investors: earlier this year, OTPP indicated that it was looking to sell its 66% stake in MLSE for $1.5 billion.
Related news
- London Mining remains on track to hit 2012 production target at Marampa
- Ceres Power Holdings reports significant improvements of its fuel cell products
- Oxford Catalysts Group shares advance as it announces first start-up of FT reactor
- Mariana Resources kicks off drilling programme at Las Calandrias gold-silver project
- Orogen Gold begins Phase 1 drilling programme at Deli Jovan
- Magnolia Petroleum on track to hit 100 wells target by end-2012
- Mwana Africa sells 15pct stake in Freda Rebecca gold mine for $405k - UPDATE
