Deals
Canada Pension Pounces on Drop in Oil Price to Snatch Up Assets
- Country’s largest pension plan deploys C$4.1 billion in sector
- Assets grew 7 percent during quarter to C$287.3 billion
This article is for subscribers only.
Low oil prices have created an opportunity for long-term investors to snap up quality energy assets at a discount, according to Mark Machin, chief executive officer of Canada Pension Plan Investment Board.
The country’s largest pension plan has purchased energy assets worth C$4.1 billion ($3.15 billion) since the end of March through its various subsidiaries, making it the second-largest Canadian buyer of energy assets this year. Only TransCanada Corp. has spent more, agreeing to buy Columbia Pipeline Group Inc. for about $10 billion in March.