The Canada Pension Plan Investment Board has signed a $1.1-billion deal to acquire a 30% stake in BGL Group, a digital distributor of insurance and financial services.
Peterborough, U.K.-based BGL Group’s brands include Comparethemarket.com, LesFurets.com and online life insurer BeagleStreet.com.
Under 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.