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DP World, Quebec's Caisse to create C$5 billion investment vehicle

Reuters
The Caisse de depot et placement du Quebec (CDP) building is seen in Montreal, February 26, 2014. REUTERS/Christinne Muschi (Reuters)

(Reuters) - Dubai-based ports operator DP World Ltd said it had partnered with Caisse de depot et placement du Quebec, Canada's second-biggest public pension fund, to create a C$5 billion ($3.76 billion) investment vehicle. The partnership will invest in ports and terminals, focusing on investment grade countries, the companies said on Friday. DP World will have a 55 percent stake in the partnership, while Caisse will hold the rest, the companies said. The partnership will initially include two of DP World's Canadian container terminals in British Columbia, of which Caisse will buy a 45 percent stake for C$865 million. Cannacord Genuity, Dubai, served as financial adviser to DP World and BMO Capital Markets as financial adviser to CDPQ. (Reporting by Arathy S Nair and Ahmed Farhatha in Bengaluru; Editing by Anil D'Silva)