TORONTO — The Canada Pension Plan Investment Board has signed a deal to sell its 45 per cent stake in GlobalLogic Worldwide Holdings, Inc., the parent company of GlobalLogic Inc., to Hitachi Ltd.
The pension fund manager says it expects US$3.8 billion in net proceeds from the sale which is based on a US$9.5-billion enterprise value for the company.
GlobalLogic is a digital engineering services provider.
It has design studios and software engineering centres around the world.
CPP Investments has held a joint lead ownership equity stake in GlobalLogic since 2017.
Partners Group, which has been an equal equity partner in GlobalLogic since 2018, is also selling its stake to Hitachi.
This report by The Canadian Press was first published March 31, 2021.
The Canadian Press