TORONTO - Canada Pension Plan Investment Board says it has a $12-billion deal to acquire the Antares Capital lending operation from the financial arm of General Electric. CPP Investment Board CEO Mark Wiseman says the acquisition of Chicago-based Antares Capital will give the Canadian retirement fund manager a significant presence in part of the U.S. lending sector that has potential for long-term growth. Antares Capital's management and about 300 employees will operate the business as a stand-alone, independent lender to private-equity sponsors, subject to regulatory approval. Over the past five years, Antares has provided more than US$120 billion in financing to private equity sponsors and the market is worth an estimated US$96 billion a year. "This acquisition exemplifies our strategy to achieve scale in key sectors through platform investments," Wiseman said in a statement. "It secures a market-leading business that is exceptionally well positioned to deliver value-building investment flows."
