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SWFI First Read, November 7, 2017

OMERS Infrastructure Boosts Investment in Thames Water

On November 3, 2017, OMERS Infrastructure Management Inc. (OMERS Infrastructure), the infrastructure investment manager of OMERS, the announced the purchase of an additional 4.36% interest in Kemble Water Holdings Limited, the ultimate holding company of Thames Water Utilities Limited, from Hermes Investment Management. The transaction is expected to close later in the year.

Following completion of the transaction, OMERS Infrastructure will increase its overall interest in Thames Water to approximately 27%.

Qatar Central Bank’s Reserves Fall Slightly in September

The Qatar Central Bank’s international reserves and foreign currency liquidity fell as expected in September 2017 to US$ 35.6 billion from US$ 39 billion in August 2017. This is the lowest level in foreign reserves since the year of 2012.

Franklin Templeton Investments Promotes Jed Plafker as Head of Global Advisory Services

Franklin Templeton Investments promoted Jed Plafker to be executive vice president of Global Advisory Services, effective December 1, 2017. Before this promotion, he was purely focused on international distribution at the firm. Plafker will be based in San Mateo, California. He started with Franklin Templeton back in 1994, beginning as a corporate attorney.

KWSP Acquires Incheon Logistics Center

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Qatar Central Bank Deals with MSCI

MSCI, a stock index company whose benchmarks influence investor behavior, has tremendous indirect power impacting the stock markets of smaller economies. In 1988, MSCI released its emerging markets index, a now-widely-used benchmark for many institutional investors wanting access to growth markets. China and South Korea make up the majority of the benchmark, but smaller economies such as Poland, Chile and even Qatar make up other pieces of it.

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bcIMC Buys into Bottling Business with PAI in €1.623 Billion Takeover of Refresco

Dutch soft-drink bottler Refresco Group N.V. has agreed to a buyout offer for all 81.2 million of its shares from French private equity firm PAI Partners SAS (PAI) and Canadian pension manager British Columbia Investment Management Corporation (bcIMC) in exchange for €20 in cash per ordinary share for a total consideration of €1.623 billion. Refresco’s major shareholders, which includes 3i Group, and shareholding members of its boards, who represent 26.5% of outstanding shares, have said they stand behind the deal.

Refresco’s board rejected an initial offer from PAI in April 2017 of €1.4 billion, which they felt did not adequately capture the value added by their plans to bolster its presence in North America through the acquisition of Canadian bottler Cott TB, a deal that went through in July for US$ 1.25 billion.

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Digital Insurance Distributor BGL Opts for CPPIB Money Over IPO

Canada Pension Plan Investment Board (CPPIB) is investing £675 million (US$ 895.715 million) for a 30% stake in Peterborough-based BGL Group, a digital distributor of insurance and household financial services to 8.5 million customers. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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