Toronto, Canada (March 16, 2023) – Canada Pension Plan Investment Board (CPP Investments) has exited its investment in Orpea SA (Orpea).
On February 1, 2023, Orpea announced an agreement in principle on a financial restructuring plan involving a group of French long-term investors and its unsecured financial creditors in support of the Refoundation Plan of the Group announced on November 15, 2022. Completion of this plan would see existing shareholders, which included CPP Investments, reduce their holdings to approximately 0.4% of the capital of Orpea in total, while the new investors would hold approximately 50.2% of the capital and the unsecured financial creditors approximately 49.4% of the capital. As a result, CPP Investments decided to fully exit the holding.
CPP Investments’ original investment in Orpea was made in 2013 with a total financial commitment of €421.8 million. CPP Investments’ exit from the company is now complete. Net proceeds from the sale were €26.1 million.
All regulatory filings and market notifications have now been completed.
About CPP Investments
Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the 21 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At December 31, 2022, the Fund totaled C$536 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Facebook or Twitter.
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