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Qatar Holding to Take 20% Stake in UK Airport Operator

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Qatar Holding LLC, the sovereign wealth enterprise of the Qatar Investment Authority (QIA), is purchasing a 20% indirect stake in Heathrow owner BAA Ltd. The Qatar sovereign fund has been a major institutional investor in the United Kingdom and believes the British economy holds great long-term prospects. Qatar Holding is buying 10.62% of the stake from Spanish conglomerate, Ferrovial, S.A. for £478 million. The other 9.38% is coming from two other shareholders, Britannia Airport Partners LP (5.63%) and GIC Special Investments (3.75%). Britannia Airport Partners LP is controlled by Canada’s Caisse de dépôt et placement du Québec (CDPQ).

The total value of the deal was £900 million. The deal is pending regulatory approval.

Ferrovial is the indirect owner of 49.99% of BAA Ltd. The holding company which owns BAA Limited is FGP Topco Ltd. Some owners in FGP Topco Ltd include Ferrovial, Caisse de dépôt et placement du Québec, and GIC Special Investments. After this transaction, Ferrovial will have a 39.37% indirect stake in BAA.

“The sale of this stake in BAA is part of Ferrovial’s strategy of establishing a market valuation of our assets and improving the structure of our investment portfolio,” Ferrovial CEO Inigo Meiras said in a statement.

Ferrovial is selling the stake to finance its agenda to invest more into Latin America. Ferrovial is bidding for airports in Puerto Rico and Brazil. In 2006, the firm bought BAA for £10.3 billion using a significant amount of leverage.

Andrew Claerhout Leaves OTPP

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Andrew J. Claerhout exited the Ontario Teachers’ Pension Plan (OTPP). He was Senior Managing Director of Infrastructure and Natural Resources. His responsibilities included overseeing a swath of infrastructure acquisitions and asset management globally, along with investments in oil and gas, agriculture (avocados for example), timberlands and other resource sectors. Clearehout joined OTPP back in 2005.

Taking his spot in the interim is Dale Burgess, Managing Director, Latin America, at OTPP.

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PwC Sells US Public Sector Practice to Veritas Capital

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PricewaterhouseCoopers (PwC) inked a deal to sell its U.S. public sector business unit to Veritas Capital Fund Management, L.L.C., a private equity firm. Post-deal, the business unit will be renamed and run as a separate company. PwC’s public sector business services U.S. federal government clients such as the Department of Defense, Homeland Security, Veterans Affairs, Health and Human Services and the State Department. The business unit also services local and state U.S. governments.

For the moment, Veritas Capital seeks to keep the current management in place.

Advisors

PwC was advised by Morgan Stanley. Davis Polk & Wardwell advised PwC. Veritas Capital was advised by law firm Schulte Roth & Zabel LLP.

Veritas Capital’s Activities

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HNA Sells 1.2% Stake in Hedged Investment in Deutsche Bank

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Chinese conglomerate HNA Group Co. sold off roughly a 1.2% stake in Deutsche Bank AG for around €300 million (US$ 374 million), reducing ownership down to 8.8%. HNA Group held the bank shareholding through Vienna-based asset manager C-Quadrat Investments AG, in which, HNA is a majority owner in. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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