CPPIB buying 30 per cent interest in BGL Group for 11 billion

TORONTO — The Canada Pension Plan Investment Board has signed a $1.1-billion deal to acquire a 30 per cent stake in BGL Group, a digital distributor of insurance and financial services.BGL Group’s brands include Comparethemarket.com, LesFurets.com and online life insurer BeagleStreet.com.Bitcoin, blockchain not yet investible, Canada Pension saysNo reason to fear CPP’s stability, CEO Machin says, but people do it anywayUnder the deal, CPPIB will nominate a non-executive director to represent it on the BGL board.BHL, the current owner of BGL Group, will retain a majority interest in the business.The deal is subject to customary closing conditions including regulatory approvals.It is expected to close by the end of April.

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