Bridge Industrial and CPP Investments Form $789 million Joint Venture

Partnership will target the acquisition and/or development of modern industrial facilities in supply-constrained markets across the U.S.

CHICAGO and TORONTO (January 16, 2025) –– Bridge Industrial (Bridge) a privately-owned, vertically integrated real estate operating company and investment manager, and Canada Pension Plan Investment Board (CPP Investments) today announced the formation of a new joint venture to invest in high-quality industrial properties in several core markets across the United States. The joint venture will also retain the optionality to pursue development opportunities.

CPP Investments and Bridge have allocated US$789 million in equity. CPP Investments will own a 95% stake and Bridge will own the remaining 5%. This is the second partnership formed between CPP Investments and Bridge, with the initial develop-to-core venture formed in 2021 having deployed capital into new construction projects in the Miami and Los Angeles markets.

“We are excited to broaden our successful collaboration with CPP Investments as we work together to capitalize on outstanding opportunities to acquire premium industrial space in the U.S.,” said Steve Poulos, Founder and CEO of Bridge Industrial.

This partnership will allow Bridge and CPP Investments to target high-quality industrial properties in key markets, as retailers compete for faster shipping times despite increasingly limited space for new warehouse construction.

“The industrial sector’s favourable market dynamics position this joint venture well to deliver strong returns for the CPP Fund,” said Sophie van Oosterom, Managing Director, Head of Real Estate at CPP Investments. “Bridge and CPP Investments have a shared vision of the value and opportunity in the sector, and we’re pleased to expand our partnership.”

About Bridge Industrial:

Bridge Industrial transforms complex real estate opportunities into irreplaceable industrial assets. A privately-owned, vertically integrated real estate operating company and investment manager, Bridge acquires, develops, and manages sites where it can leverage its expertise in complex transactions, skilled site development, creative property solutions, and successful leasing. Bridge seeks opportunities in high barrier to entry markets across the globe, that can meet the steady demand for last-mile and next-day delivery. The firm operates in Chicago, Miami, New Jersey, New York, Los Angeles, San Francisco, Seattle, UK, and Europe. Since its inception in 2000, Bridge has successfully acquired and developed nearly 74 million square feet of industrial buildings.

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 more than 22 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, 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 September 30, 2024, the Fund totaled C$675.1 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

Toronto, CANADA and São Paulo, BRAZIL (Jan 13, 2025) – Canada Pension Plan Investment Board (CPP Investments) announced today that it has signed a joint venture agreement with Cyrela Brazil Realty (Cyrela), the largest residential real estate developer in Brazil. Cyrela’s fund management subsidiary, Cy.Capital, will act as the manager of the investment vehicle.

CPP Investments and Cyrela have established an investment target of 1.7 billion reais (C$400 million), on an equal partnership basis, to develop residential condominiums in São Paulo, Brazil’s largest city, targeting over 6 billion reais (C$1.44B) in potential sales value over the next several years.

“The residential market in São Paulo has strong fundamentals, supported by favorable demographics, low unemployment level and resilient household income growth in the city,” said Ricardo Szlejf, Managing Director, Head of Real Assets, Latin America, for CPP Investments. “We are pleased to expand our long-term partnership with Cyrela, a premier real estate developer in Brazil, to develop high-quality residential projects that we believe will deliver strong, risk-adjusted returns to CPP contributors and beneficiaries.”

Today’s announcement extends a successful partnership between CPP Investments and Cyrela dating to 2019, which also includes a joint venture with Cyrela and Greystar to develop multifamily properties in São Paulo.

“We are proud to count CPP Investments as one of our key investment partners and are excited about the opportunity to further expand what has been a very productive working relationship,” said Gustavo Vaz, CEO of Cy.Capital.

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 more than 22 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, 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 September 30, 2024, the Fund totaled C$675.1 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

Toronto, CANADA (January 10, 2025) – CPP Investments today announced the sale of its entire stake in U.S. power producer Calpine Corporation (Calpine) to Constellation Energy (Constellation), as part of Constellation’s acquisition of Calpine. Net proceeds to CPP Investments are expected to be approximately US$700 million in cash and US$1.9 billion in Constellation stock.

CPP Investments holds a 15.75% ownership position in Calpine through a co-investment made alongside Energy Capital Partners (ECP) and Access Industries in 2018.

“We are pleased by the success of our investment in Calpine and view this transaction as an excellent opportunity to realize strong returns for the CPP Fund,” said Bill Rogers, Managing Director, Head of Sustainable Energies at CPP Investments. “We look forward to participating in Constellation’s future growth, enhanced by the increased scale and cash flow resulting from this combination.”

The combined company’s footprint will span the continental U.S. and include a significantly expanded presence in Texas, the fastest growing market for power demand, as well as other key strategic markets, including California, Delaware, New York, Pennsylvania and Virginia.

“Calpine serves as a good example of CPP Investments’ approach to investing across the energy spectrum, which is to invest in companies that play a critical role in delivering affordable, reliable power while helping them progress towards the decarbonisation of their portfolios,” Rogers added.

The transaction is expected to close in the second half of 2025, subject to the satisfaction of customary closing conditions and regulatory approvals from the Federal Energy Regulatory Commission, the Department of Justice, the New York Public Service Commission, the Public Utility Commission of Texas, and other regulatory agencies.

CPP Investments’ Sustainable Energies group is active across the global energy system, with net assets totaling approximately C$34.2 billion as at March 31, 2024, including investments in renewables, conventional energy, carbon capture and storage, distributed and energy services, and emerging and disruptive technologies.

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 more than 22 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, 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 September 30, 2024, the Fund totaled C$675.1 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

• CPP Investments to realize $2.2B in net proceeds, crystalizing strong returns over the life of the investment
• CPP Investments and Goodman Group remain partnered on other global ventures

Toronto, Canada/ Sydney, Australia (Jan 3, 2025) – Canada Pension Plan Investment Board (CPP Investments) is expected to realize approximately US$2.2B in net proceeds from its investment in Goodman North American Partnership (GNAP). This represents the realization of the strong performance and success of the partnership. Goodman and CPP Investments retain partnerships across several markets.

“The success of GNAP has provided us with an opportunity to lock in strong returns for the CPP Fund and is emblematic of our ongoing partnership with Goodman,” said Max Biagosch, Global Head of Real Assets & Head of Europe for CPP Investments. “The proceeds from this transaction also give us the ability to redeploy capital towards new investment opportunities as our portfolio continues to grow and evolve alongside the global market.”

GNAP was established as a 45-55 partnership between CPP Investments and Australia’s Goodman Group, respectively, in 2012, with a mandate to invest in high-quality logistics and industrial property in key North American markets.

“We are proud of the success we’ve had with CPP Investments in GNAP across our global Partnerships,” said Greg Goodman, Goodman Group CEO. We look forward to maintaining our strong working relationship across asset classes and geographies.”

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 more than 22 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, 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 September 30, 2024, the Fund totaled C$675.1 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

Hong Kong (January 3, 2025) – Canada Pension Plan Investment Board (CPP Investments) today announced that it has agreed to sell its 49% interest in four real estate joint venture projects with Chinese real estate company Longfor Group Holdings (Longfor) to an affiliate of Dajia Insurance Group. Net proceeds to CPP Investments from the sale would be approximately C$235 million before closing adjustments.

The sale includes four retail malls, along with the connected office and rental housing properties, located in Shanghai, Suzhou, Chengdu and Chongqing.

CPP Investments first partnered with Longfor in China in 2014. The partnership has since expanded through the development of additional projects. Following the transaction, CPP Investments and Longfor still have a number of joint ventures in China.

The transaction is subject to customary closing conditions and regulatory approvals.

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 more than 22 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, 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 September 30, 2024, the Fund totalled C$675.1 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

• CPP Investments capital commitment will be made alongside a new investment from Nordic Capital

• The broadened ownership will support Regnology in achieving its vision of becoming the central platform for reporting across financial institutions and regulators and fulfilling its accelerated international growth plan both organically and through strategic acquisitions

Frankfurt, Germany, December 20, 2024 – Canada Pension Plan Investment Board (“CPP Investments”), a leading global institutional investor and Nordic Capital, a leading software private equity investor, today announced an agreed new significant minority investment by CPP Investments for Regnology (“Regnology” or “the Company”), a global software provider with a focus on regulatory reporting solutions for financial institutions. In addition, Nordic Capital will make a new investment alongside its current ownership. Nordic Capital sees strong continued potential in the Company, and will together with CPP Investments, continue to support Regnology’s vision of creating a global platform that connects regulators and the financial industry to drive stability, transparency and a sustainable future.

This transaction enables Regnology’s further access to long-term capital, global networks and sector expertise to accelerate its expansion into more international markets both organically and through strategic acquisitions. In addition, the broadened ownership will support further investment in Regnology’s technology, product offering, customer success and people. The new ownership structure reflects both CPP Investments and Nordic Capital’s confidence in Regnology’s business model and future growth prospects and provides an opportunity to create additional value.

Regnology is a global provider of innovative regulatory, risk, and supervisory technology solutions. Over 35,000 financial institutions, 70 regulators and tax authorities rely on its solutions to streamline their processes, enhance data quality and improve efficiency. Regnology supports regulatory reporting for all scales of financial institutions, including top-tier banks, brokerage firms, community banks, and corporate entities, along with major regulatory bodies and financial authorities across Europe, North America, and APAC.

Since Nordic Capital acquired Regnology in December 2020, the Company has outperformed its operational and financial targets and executed on its value creation plan earlier than expected. Regnology has made significant investments in its technology and product platform, experiencing strong organic growth as well as international expansion through strategic add-on acquisitions. The recently announced acquisition of VERMEG’s RegTech business unit (Agile) will expand Regnology’s international footprint in the strategic North American and APAC markets. This acquisition is expected to strengthen Regnology’s position as a global provider of end-to-end regulatory reporting solutions for large banks and other financial institutions seeking a comprehensive and innovative offering from a single, trusted partner.

Fredrik Näslund, Partner and Head of Technology & Payments, Nordic Capital Advisors, commented:

“Under Nordic Capital’s ownership, Regnology has transformed from a carve-out into a sizeable software platform in the RegTech space and the management team has successfully executed the key
levers of the initial value creation plan. Nordic Capital is delighted to be investing further together with CPP Investments to support this journey, allowing Regnology to scale its business model globally. We also want to thank BearingPoint Capital as a strategic partner and minority investor over the last four years.”

Sam Blaichman, Managing Director, Head of Direct Private Equity at CPP Investments, said:

“Regnology has a leading position in attractive and resilient markets, with a differentiated offering driving high customer advocacy. Under its current leadership, Regnology has demonstrated a strong track-record of entering and winning in new geographies. We look forward to supporting the management team’s global ambitions alongside Nordic Capital. We expect this investment to deliver attractive risk-adjusted returns for CPP contributors and beneficiaries.”

Rob Mackay CEO, Regnology said:

“Nordic Capital’s support has been pivotal in our journey, and we are thrilled for CPP Investments to come on board as we enter the next phase of our global expansion. With their combined strengths, we are empowered to further invest in developing our SaaS solutions and accelerate our vision of creating a dedicated network that streamlines regulatory data flows, helping both regulators and the regulated in navigating the complexities of financial regulation.”

Nordic Capital has over 20 years of experience accelerating the growth of innovative technology companies globally. It has made 33 technology investments in companies with an aggregate enterprise value of circa EUR 26 billion, including Itiviti, Macrobond, Regnology, Trustly, Bambora, Signicat, One Inc, ActiveViam, Zafin and the recently announced acquisition of Anaqua. Its current Technology & Payments portfolio generates EUR 4.5 billion of revenues and employs over 17,400 people.

CPP Investments’ net investments through the Private Equity department totalled C$136.9 billion at September 30, 2024. CPP Investments’ Direct Private Equity strategy is focused on assets and sub-sectors where it maintains competitive advantages including a strong track record, superior insights and strategic partnerships to deliver attractive risk-adjusted returns. CPP Investments’ Direct Private Equity team has C$44bn assets under management and has significant experience investing in technology businesses, combined with strong expertise in the financial services sector.

CPP Investments has committed approximately €460 million / C$ 690 million for a significant minority stake in Regnology alongside a new investment made from Nordic Capital XI. Nordic Capital entities will hold a majority stake via Nordic Capital X and Nordic Capital XI. Nordic Capital X, which initially invested in Regnology in 2020, will sell a portion of its holding as part of the transaction. Current minority investor BearingPoint Capital will sell its full holding in connection to the transaction.

Terms of the transaction were not disclosed. The transaction is subject to customary regulatory approvals and expected to be completed in Q1 2025.

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 more than 22 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, 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 September 30, 2024, the Fund totalled C$675.1 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

About Nordic Capital

Nordic Capital is a leading sector-specialist private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and Service & Industrial Tech. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested EUR 26 billion in close to 150 investments. The most recent entities are Nordic Capital XI with EUR 9.0 billion in committed capital and Nordic Capital Evolution with EUR 1.2 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland, Norway, and South Korea. www.nordiccapital.com.

“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures, and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”.

About Regnology

Regnology is a leading technology firm on a mission to bring safety and stability to the financial markets. With an exclusive focus on regulatory reporting and more than 35,000 financial institutions, 70 regulators, international organizations, and tax authorities relying on our solutions to process their regulatory reporting data, we’re uniquely positioned to bring greater data quality, efficiency, and cost savings to all market participants. With over 900 employees in 16 countries and a unified data ingestion model powering our work, our clients can quickly implement and derive value from our solutions and easily keep pace with ongoing regulatory changes. Regnology was formed in 2021 when BearingPoint RegTech, a former business unit of BearingPoint Group, joined forces with Vizor Software, a global leader in regulatory and supervisory technology. The Company is on a continued organic and external growth path, building up as one of the world’s most recognized global regulatory reporting powerhouses. For more information about Regnology, connect with us on LinkedIn and X. Visit our website: www.regnology.net.

Berlin, 19 December, 2024 – Axel Springer SE (“Axel Springer”) today announced the signing of a definitive agreement to create a new corporate structure with a focused media company and separately held classifieds businesses. Following the initial announcement on 19 September, this marks the next milestone in the transition, positioning all businesses for optimal future growth potential and success in their respective markets.

As previously announced, all of Axel Springer’s news businesses – BILD, BUSINESS INSIDER, POLITICO, WELT, Morning Brew, Dyn Media, EMARKETER, and the joint venture Ringier Axel Springer Poland – will remain within Axel Springer. In addition to idealo and Bonial, Awin will also remain within Axel Springer’s digital marketing media portfolio to continue its ongoing and successful transformation to a MarTech company.

Friede Springer and Mathias Döpfner will together hold close to 98 percent of the company. Axel Sven Springer, one of the grandchildren of the company founder, will retain the remaining shares – a portion of his previous minority shareholding. This makes Axel Springer a fully family owned and operated media company for the first time since the company’s IPO back in 1985.

The classifieds businesses – the Stepstone Group and AVIV Group – will be held as separate joint venture companies with KKR and CPP Investments as majority shareholders, Axel Springer as minority co-shareholder (approximately 10 percent), and with an economic participation by the grandchildren of Axel Springer.

The classifieds businesses will continue to independently pursue their respective growth strategies, with strong strategic support from KKR and CPP Investments. Following significant platform and technology investments over the past five years, the businesses are expected to drive increased product innovation to continue providing market leading services for customers.

The new corporate structure will allow Axel Springer to continue focusing on its mission: shaping the future of independent journalism supported by Artificial Intelligence. As a privately owned and operated media company, Axel Springer will be debt-free, making it well-positioned to further strengthen its market position and pursue long-term growth opportunities and investments in alignment with its entrepreneurial vision.

The transaction is expected to close in Q2 2025, subject to regulatory approvals.

About Axel Springer

Axel Springer is an international media and technology company. By providing information across its diverse media brands (among others BILD, WELT, Business Insider, POLITICO) and classifieds (The Stepstone Group and AVIV Group) Axel Springer empowers people to make free decisions for their lives.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

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 more than 22 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, 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 September 30, 2024, the Fund totalled C$675.1 billion. For more information, please visit  www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

TORONTO, December 18, 2024 – Ten of Canada’s largest pension investors and investment managers, representing more than $2.25 trillion in assets under management, today affirm their support for both the Canadian Sustainability Disclosure Standards (CSDS) from the Canadian Sustainability Standards Board (CSSB): General Requirements for Disclosure of Sustainability-related Financial Information (CSDS 1) and Climate-related Disclosures (CSDS 2), collectively the CSSB Standards.

The CSSB standards establish a robust framework for the Canadian market, while addressing specific Canadian circumstances. Alignment with a global baseline is important for the competitiveness of Canadian companies in global capital markets and for Canadian directors to discharge their duties to the companies they oversee. We also believe that this will reduce the reporting burden for Canadian entities that operate or raise capital in multiple jurisdictions.

For major institutional investors, complete, comparable sustainability-related information is a key part of making informed investment decisions. The CSSB’s standards address both general sustainability-related disclosures and climate-specific requirements, thus providing a framework to access this critical information.

While we recognize the need to make modifications to address Canadian-specific considerations, we encourage Canadian issuers to not delay the measurement and reporting of material sustainability-related information, particularly where “reasonable and supportable information is available to the entity at the reporting date without undue cost or effort.” For effective capital allocation decisions, investors depend on standardized disclosure across the full spectrum of material sustainability risks and opportunities.

As part of our mandates, our objectives are to deliver long-term, risk-adjusted returns that help support retirement and benefit security for millions of Canadians. We believe these standards will strengthen the Canadian market’s sustainability disclosure infrastructure and improve the quality of information available to investors, stakeholders and regulators. We call on corporate leaders to adopt CSDS 1 and CSDS 2 to ensure the transparency and comparability needed to make investment decisions that will contribute to a more prosperous future for our clients and beneficiaries.

ABOUT:

British Columbia Investment Management Corporation (BCI)
Gross AUM $250.4 billion (as at March 31, 2024)
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CDPQ (Caisse de dépôt et placement du Québec)
AUM $452.0 billion (as at June 30, 2024)
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Canada Pension Plan Investment Board (CPPIB)
AUM $675.1 billion (as at September 30, 2024)
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Healthcare of Ontario Pension Plan (HOOPP)
AUM $112.6 billion (as at December 31, 2023)
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Investment Management Corporation of Ontario (IMCO)
AUM $77.4 billion (as at December 31, 2023)
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Ontario Municipal Employees Retirement System (OMERS)
AUM $133.6 billion (as at June 30, 2024)
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Ontario Teachers’ Pension Plan (OTPP)
AUM $255.8 billion (as at June 30, 2024)
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OPSEU Pension Plan Trust Fund (OPTrust)
AUM $25.0 billion (as at December 31, 2023)
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Public Sector Pension Investment Board (PSP Investments)
AUM $264.9 billion (as at March 31, 2024)
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University Pension Plan (UPP)
AUM $11.7 billion (as at December 31, 2023)
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Pactiv Evergreen Shareholders to Receive $18.00 Per Share in Cash

Complementary products, focus on innovation and sustainability create partner of choice across the food and beverage packaging industry

Customer-centric, packaging solutions provider across substrates with a North American footprint and broad distribution capabilities

CHARLOTTE, N.C. and LAKE FOREST, Ill. — December 9, 2024 — Novolex^® and Pactiv Evergreen Inc. (NASDAQ: PTVE), announced today they have entered into a definitive agreement to combine, creating a leading manufacturer in food, beverage and specialty packaging products.

This transaction is supported by funds managed by affiliates of Apollo (the “Apollo Funds”), the majority shareholder of Novolex since 2022, and Canada Pension Plan Investment Board (“CPP Investments”), which will contribute approximately US$1 billion and will become a significant minority shareholder in the post-merger company.

The combination brings together two highly complementary businesses that will offer a broad product platform, establishing one of the most diverse substrate offerings in the packaging industry. The asset base will include an extensive manufacturing footprint and an expansive distribution network, enhancing the combined company’s ability to serve customers ranging from large, blue-chip brands to small businesses that serve millions of consumers every day.

“This transaction reflects the continuation of our long-term growth strategy to create the industry’s most innovative, sustainable and customer-focused company,” said Stan Bikulege, Chairman and CEO of Novolex. “Pactiv Evergreen’s strong product portfolio, along with their talented team, will complement and add significant depth to Novolex’s diverse packaging solutions. Our companies share a dedication to customer success, a steadfast entrepreneurial spirit and have aligned values of integrity, collaboration and excellence. Our commitment to employees is unwavering in making this a best-in-class, high growth platform. We’re excited to continue our growth journey and are confident this combination will strengthen the future of food and beverage packaging.”

Michael King, President and Chief Executive Officer of Pactiv Evergreen, said, “We are pleased to reach this agreement with Novolex, which shares our commitment to product quality and recognizes our potential for future growth. The Board and leadership team evaluated a range of opportunities and are confident this transaction maximizes shareholder value and is the best path forward for all stakeholders. This milestone is a testament to our talented employees, and Pactiv Evergreen’s inherent value. Over the past three years, we’ve made significant progress on our transformation, focusing on our core strengths while driving operational excellence and enhancing profitability. We look forward to this next exciting chapter.”

“Novolex and Pactiv Evergreen serve attractive end markets, and both companies have made tremendous progress in recent years to enhance their operations and strengthen their focus on product innovation and sustainability leadership. As the packaging industry continues to evolve, bringing together these two talented teams will better position the combined company with enhanced and complementary capabilities to meet shifting consumer demands and provide the highest quality products and services to customers. We’re proud to support Novolex and Pactiv Evergreen and look forward to our continued partnership with Stan and the management team as they drive innovation and sustainable growth,” said Rob Seminara and Peter Sinensky, Partners at Apollo.

“We are pleased to support this transformative combination of Novolex and Pactiv Evergreen,” said Sam Blaichman, Managing Director, Head of North America, Direct Private Equity at CPP Investments. “We look forward to working alongside Apollo with Stan and the management team to realize the potential of the combined company.”

Compelling Strategic Combination and Financial Rationale

• Delivers greater choice with more than 250 brands and 39,000 combined SKUs, establishing one of the most diverse substrate sets in the packaging industry, including multiple types of fiber, resin and post-consumer recycled content.
• Improves service to customers, including the top household names in grocery, retail, quick- and full-service restaurants, foodservice, food and beverage producers and industrials.
• Accelerates product innovation by combining respective experience in materials science, R&D and customizable product development capabilities and manufacturing technologies to better fulfill evolving customer demands for convenient, durable, protective and user-friendly packaging.
• Provides additional service and distribution capabilities through a broad manufacturing footprint across the U.S., Canada and Mexico.
• Builds on and enhances both companies’ proven dedication to sustainability through greater resources to invest in R&D for materials and sustainability strategies, including production of recyclable, compostable and reusable packaging backed by enterprise-wide emission reduction targets designed to reduce the impact of packaging on the environment.

Transaction Details

Under the terms of the agreement, Novolex will acquire Pactiv Evergreen for $18.00 per share in an all-cash transaction valued at $6.7 billion, inclusive of Pactiv Evergreen’s net debt as of September 30, 2024. The transaction consideration represents a 49% premium to the two-month unaffected volume weighted average trading price as of December 2, 2024, the last trading day prior to media reports regarding a potential transaction. Upon the completion of the transaction, Pactiv Evergreen will become a privately held company, and its common stock will no longer be listed on Nasdaq. The combined company will be led by Novolex Chairman and CEO Stan Bikulege.

The transaction has been approved by the Pactiv Evergreen Board of Directors and is subject to receipt of regulatory approvals and other customary closing conditions. The transaction has also been approved by Packaging Finance Limited, in its capacity as the majority shareholder of Pactiv Evergreen, and no other shareholder approval is required. The transaction is not subject to a financing condition and is expected to close in mid-2025.

About Novolex

Novolex develops and manufactures diverse packaging products for multiple industries in the foodservice, delivery and carryout, food processor and industrial markets that touch nearly every aspect of daily life. The Novolex family of brands provides customers with innovative food and delivery packaging and performance solutions products for their business needs today while investing in research and development to engineer more sustainable choices for the future. With more than 10,000 employee families, Novolex operates 56 manufacturing facilities in North America and Europe, including two world-class plastic film recycling centers. To learn more about Novolex, visit www.novolex.com.

About Pactiv Evergreen
Pactiv Evergreen is a leading manufacturer and distributor of fresh foodservice and food merchandizing products and fresh beverage cartons in North America. Pactiv Evergreen produces a broad range of on-trend and feature-rich products that protect, package and display food and beverages for today’s consumers. Its products, many of which are made with recycled, recyclable or renewable materials, are sold to a diversified mix of customers, including restaurants, foodservice distributors, retailers, food and beverage producers, packers and processors. Learn more at www.pactivevergreen.com.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2024, Apollo had approximately $733 billion of assets under management. To learn more, please visit www.apollo.com.

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 more than 22 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, 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 September 30, 2024, the Fund totaled C$675.1 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

Note to Investors Regarding Forward-Looking Statements

This press release contains forward-looking statements that reflect Pactiv Evergreen’s current views with respect to certain current and future events. All statements contained in this press release other than statements of historical fact are forward-looking statements, including statements regarding the expected timing of closing of the proposed transaction. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “likely” or “continue,” the negative of these terms and other comparable terminology. These statements are only predictions based on Pactiv Evergreen’s expectations and projections about future events as of the date of this press release and are subject to a number of risks, uncertainties and assumptions that may prove incorrect, any of which could cause actual results to differ materially from those expressed or implied by such statements, including, among others, (i) the completion of the proposed transaction on the anticipated terms and timing, including obtaining regulatory approvals, and the satisfaction of other conditions to the completion of the proposed transaction; (ii) potential litigation relating to the proposed transaction that could be instituted against Pactiv Evergreen or its directors, managers or officers, including the effects of any outcomes related thereto; (iii) the risk that disruptions from the proposed transaction (including the ability of certain counterparties to terminate or amend contracts upon a change of control) will harm Pactiv Evergreen’s business, including current plans and operations, including during the pendency of the proposed transaction; (iv) the ability of Pactiv Evergreen to retain and hire key personnel; (v) the diversion of management’s time and attention from ordinary course business operations to completion of the proposed transaction and integration matters; (vi) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed transaction; (vii) legislative, regulatory and economic developments; (viii) potential business uncertainty, including changes to existing business relationships, during the pendency of the proposed transaction that could affect Pactiv Evergreen’s financial performance; (ix) certain restrictions during the pendency of the proposed transaction that may impact Pactiv Evergreen’s ability to pursue certain business opportunities or strategic transactions; (x) the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (xi) the ability to obtain the necessary financing arrangements set forth in the commitment letters received in connection with the proposed transaction; (xii) the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction; (xiii) the risk that Pactiv Evergreen’s stock price may decline significantly if the proposed transaction is not consummated; and (xiv) those risks described under the heading “Risk Factors” in Pactiv Evergreen’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission, or SEC, and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024 filed with the SEC. New risks emerge from time to time, and it is not possible for Pactiv Evergreen to predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement that Pactiv Evergreen makes. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. Except as otherwise required by law, Pactiv Evergreen undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

Additional Information and Where to Find It

Pactiv Evergreen will prepare and file an information statement on Schedule 14C for its shareholders with respect to the approval of the proposed transaction and may file or furnish other documents with the SEC regarding the same. When completed, a definitive information statement will be mailed to Pactiv Evergreen’s shareholders. This press release is not a substitute for the information statement on Schedule 14C or any other document that Pactiv Evergreen may file with the SEC or send to its shareholders in connection with the proposed transaction. You may obtain copies of all documents filed by Pactiv Evergreen with the SEC regarding this transaction, free of charge, at the SEC’s website, www.sec.gov or from Pactiv Evergreen’s website at https://investors.pactivevergreen.com/financial-information/sec-filings.

Shareholders of Pactiv Evergreen are urged to read all relevant documents filed with the SEC, including the information statement on Schedule 14C, as well as any amendments or supplements to these documents, carefully when they become available because they will contain important information about the proposed transaction.

Paris (4 December, 2024) – Unibail-Rodamco-Westfield (“URW”) today announces that it has acquired a 38.9% stake in URW Germany GmbH and its related entities (together “URWG”) from its joint venture partner Canada Pension Plan Investment Board (“CPP Investments”). The acquisition is an off-market transaction, in the context of an existing shareholders’ agreement and increases URW’s stake in URWG to 89.9%. Both partners retain the option to transfer the remaining 10.1% of CPP Investments’ interest to URW in 2025 for a cash consideration of up to €65 Mn.

This acquisition is financed through the issuance of 3.254 Mn new URW stapled shares, representing approximately 2.2% of URW’s post-execution fully diluted share capital. These shares will be provided to CPP Investments as consideration for their contribution in kind of the 38.9% stake in URWG.

URWG owns five shopping centres in Germany: Minto (Mönchengladbach), Höfe am Brühl (Leipzig), Palais Vest (Recklinghausen), a 50% share in Paunsdorf Center (Leipzig), and a 20% share in Gropius Passagen (Berlin).

URWG also holds €416 Mn in cash¹, including the €238 Mn net cash proceeds from the recent sale of Pasing Arcaden (Munich), as well as the fee business activity for third-party assets in Germany.

This transaction is EPRA NTA² neutral for URW and improves its proforma IFRS LTV³ by c. -20 bps, whilst increasing its cash position and its optionality on these five German assets. The transaction has no impact on URW’s 2024 AREPS guidance.

This transaction does not affect other joint ventures and co-investments between CPP Investments and URW, including Westfield Stratford City, Westfield Centro and some assets in the US.

Pursuant to French legislation, the transaction appraisal documentation includes an opinion confirming the fair value of the exchange ratio.

¹ Proforma as at September 30, 2024.
² Proforma as at June 30, 2024.
³ Proforma as at June 30, 2024, including the disposal of Pasing Arcaden.

About Unibail-Rodamco-Westfield

Unibail-Rodamco-Westfield is an owner, developer and operator of sustainable, high-quality real estate assets in the most dynamic cities in Europe and the United States.

The Group operates 71 shopping centres in 12 countries, including 39 which carry the iconic Westfield brand. These centres attract over 900 million visits annually and provide a unique platform for retailers and brands to connect with consumers. URW also has a portfolio of high-quality offices, 10 convention and exhibition venues in Paris, and a €2.9 Bn development pipeline of mainly mixed-use assets. Its €50 Bn portfolio is 86% in retail, 6% in offices, 5% in convention and exhibition venues, and 2% in services (as at June 30, 2024).

URW is a committed partner to major cities on urban regeneration projects, through both mixed-use development and the retrofitting of buildings to industry-leading sustainability standards. These commitments are enhanced by the Group’s Better Places plan, which strives to make a positive environmental, social and economic impact on the cities and communities where URW operates.

URW’s stapled shares are listed on Euronext Paris (Ticker: URW), with a secondary listing in Australia through Chess Depositary Interests. The Group benefits from a BBB+ rating from Standard & Poor’s and from a Baa2 rating from Moody’s.

For more information, please visit www.urw.com.

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 more than 22 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, 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 September 30, 2024, the Fund totaled C$675.1 billion.

For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.