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Group Led by bcIMC and Macquarie to Acquire Cleco

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An institutional investor group led by British Columbia Investment Management Corporation (bcIMC) and Macquarie Infrastructure and Real Assets are acquiring Pineville-based Cleco Corporation, a public utility holding company. Cleco owns the regulated asset, Cleco Power LLC. There are other investors in the group such as John Hancock Financial. Institutional investors are attracted to public utilities with stable cash flows.

This transaction values Cleco at US$ 4.7 billion including assumed debt. The group is buying Cleco at US$ 55.37 per share, acquiring all outstanding shares in cash.

Community Relations

After the deal, Cleco Power will remain independently operated by local management and run out of Pineville, Louisiana. To placate the local community, the investor group is planning to form a charitable foundation for community support and hire local leaders to the board.

Former FSDEA Chairman Arrested in Angola

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Jose Filomeno de Sousa dos Santos, the son of Angola’s former president and former chairman of the country’s sovereign wealth fund, has been placed under arrest, according to the state prosecutor’s office. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Keppel Land China Acquires Stake in Nanjing Jinsheng Real Estate Development

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On September 20, 2018, Keppel Land China, a subsidiary of Singapore-based Keppel Corporation, purchased a 40% stake in Nanjing Jinsheng Real Estate Development Co, a subsidiary of Gemdale Corporation. Keppel Land China did the deal through an entity called Eternal. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Korea NPS Co-Invested in Delaware Basin Assets with Morgan Stanley

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The Delaware Basin is a geologic depositional and structural basin in West Texas and southern New Mexico. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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