UPDATE 3-Hermes unit, Canadian fund to buy $2.4 bln stake in UK ports group

April 1, 2015 1:10 PM

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April 1 (Reuters) - The Canada Pension Plan Investment Board (CPPIB) and Hermes Infrastructure are to buy a 30 percent stake in Associated British Ports for about 1.6 billion pounds ($2.4 billion).

Associated British Ports is Britain's leading port operator, with 21 ports in England, Scotland and Wales. The deal will allow the Hermes-CPPIB consortium to acquire a further 3.33 percent in the company, depending upon pre-emption rights, the buyers said in a statement on Tuesday.

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