Nigeria to fast track sovereign wealth fund
According to Reuters, “Nigeria plans to fast track the creation of a sovereign wealth fund after powerful state governors, who initially opposed the idea, softened their stance, Central Bank Governor Lamido Sanusi said on Tuesday.
A committee of three ministers and six governors had been set up to work out the legal framework for a “quick take-off” of the fund, Sanusi told reporters after a meeting of the National Economic Council in Abuja.
“We are now moving to the implementation stage,” Sanusi said, adding the committee would work out how much of the fund would be earmarked for savings, infrastructure finance and a stabilisation fund, as well as where the money would come from.
Finance Minister Olusegun Aganga, an ex-Goldman Sachs executive appointed in March, has said he wants the fund to replace the current system whereby Nigeria saves oil revenue above a benchmark price into an excess crude account (ECA).”
Read more: Reuters
APG Asset Management, QIC (Queensland Investment Corporation), and Zurich-based Swiss Life Group, spent about €2 billion for Macquarie Infrastructure and Real Assets’ (MIRA) 36% stake in Brussels Airport. APG and QIC will each have a stake of 16.8% in the airport asset with Swiss Life having a 2.4% ownership stake. QIC will hold its airport stake in its Global Infrastructure Fund, which has third-party investors. Since 2011, the Ontario Teachers Pension Plan (OTPP) still holds a 39% stake in the airport, while the Belgian government retains a 25% ownership stake.
APG Asset Management manages assets for a number of investors including Stichting Pensioenfonds ABP.
The China Investment Corporation (CIC), which indirectly controls China’s largest banks, is seeking allies to form a cross-border investment vehicle to support One-Belt, One-Road projects – also known as the Belt and Road Initiative (BRI). The CIC is calling it the Belt and Road Cooperation Fund. The fund’s size and specific investment methods are in the preliminary phase. The BRI has been underway for the last five years.
The multi-lateral fund will be another way to funnel capital into specific belt and road projects. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
Jacksonville, Florida-based Fidelity National Information Services, Inc., better known by the abbreviation FIS, agreed to acquire payments processor Worldpay, Inc. for approximately US$ 35 billion (not including debt) in cash and stock, or US$ 112.12 per share. Around 19 months ago, Cincinnati-based credit card processor Vantiv, Inc. acquired Worldpay for just under US$ 10 billion, while FIS agreed to acquire First Data for US$ 22 billion in January 2019.
The combined company will keep the name FIS and be headquartered in Jacksonville, Florida. The transaction is subject to receipt of required regulatory and shareholder approvals and other customary closing conditions and is expected to close in the second half of 2019.
Deal Terms
[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
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