MCG Deal Highlights Challenges For PE

March 31 saw Canada's second-largest public pension manager, the Canada Pension Plan Investment Board (CPPIB), offer AUD1.37bn (US$930mn) for Australian investment firm Macquarie Communications Infrastructure Group (MCG), sending the latter's shares close up by 53% at AUD2.29 on the Sydney stock exchange. The deal, unanimously approved by MCG's board, would see CPPIB pay AUD2.50 for every MCG stapled security, a 67% premium to the stock's March 30 close and resulting in a total enterprise deal value of AUD 7.32bn. CPPIB said that the deal would give it access to a diversified portfolio of radio and television transmission infrastructure assets, which

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