UPDATE 1-Hermes unit, Canadian fund to buy stake in Associated British Ports

March 31, 2015 3:42 PM

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March 31 (Reuters) - The Canada Pension Plan Investment Board (CPPIB) and Hermes Infrastructure will buy a stake of at least 30 percent in Associated British Ports (ABP) for about 1.6 billion pounds ($2.4 billion).

The deal, which is expected to close in the summer, will allow the buyers to acquire a further 3.33 percent in ABP, depending upon pre-emption rights, they said in a statement on Tuesday.

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