Baker & McKenzie successfully acted for Caisse de dépôt et placement du Québec (CDPQ) which entered into an agreement to acquire a 20% stake in Plenary Group Holdings (Plenary). Plenary is an independent developer and manager of public infrastructure.

Baker & McKenzie lead partner on the deal, Martin Irwin stated:

We were delighted to advise CDPQ on such a significant transaction. This is an acquisition of a portfolio of interests in Australian and international public private partnerships on a scale not seen before in the Australian market.

Martin added:

This again highlights the strong appetite of Canadian and other institutional offshore investors for Australian infrastructure assets.

CDPQ manages funds for public pension and insurance plans in the Canadian province of Québec, and had net assets of CAD 248bn at the end of 2015.

CDPQ is a long-term partner of Plenary, having invested more than A$200 million in seven Plenary-originated Australian projects since 2012, including the Victorian Comprehensive Cancer Centre the A$1 billion centre-for-excellence for cancer research and treatment opened on time and on budget in June this year.

Plenary has 13 projects in Australia that have a project capitalisation of more than A$11 billion as well as businesses in the Canada and the US.
As part of this transaction, Plenary will issue new shares giving Plenary additional capital to fund future anticipated projects.

Martin was assisted by Baker & McKenzie senior associate, Chris Taylor in the firm's Melbourne office.

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