Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan Board entered into a framework contract to acquire Impulsora del Desarrollo y el Empleo en América Latina, S.A.B. de C.V. (BMV:IDEAL B-1) for approximately MXN 130 billion on November 21, 2019. The binding agreement was signed on November 21, 2019. The transaction will be implemented through tender offer. Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan Board will acquire at least 40% stake (1.1 million shares) and up to 100% stake (2.9 million shares) at a price of MXN 43.96 per share. On completion, Ontario Teachers' Pension Plan Board will own at least 16.33% stake and Canada Pension Plan Investment Board will own at least 23.67% stake in Impulsora del Desarrollo y el Empleo en América Latina, S.A.B. de C.V. The shareholders holding 40% stake in Impulsora del Desarrollo y el Empleo en América Latina, S.A.B. de C.V. have agreed to tender their shares and the other majority owners of outstanding shares of Impulsora del Desarrollo y el Empleo en América Latina, S.A.B. de C.V. will not tender their shares and will maintain a majority shareholding in Impulsora del Desarrollo y el Empleo en América Latina, S.A.B. de C.V. Transaction will be financed through own funds of Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan Board. As on March 24, 2020, the obligatory take overbid by two Canadian pension-funds relating to 40% of its floating shares has begun. The transaction is subject to customary closing conditions, including approval by certain regulatory authorities, approval by European Commission, minimum tender condition, and conclusion of binding agreement. Transaction is approved by European Commission. On December 3, 2019, Board of Directors of Impulsora del Desarrollo y el Empleo en América Latina, S.A.B. de C.V. unanimously approved the transaction. On February 20, 2020, the ordinary and extraordinary general meeting of shareholders of Impulsora del Desarrollo y el Empleo en América Latina, S.A.B. de C.V. approved the transaction. The transaction is valid from March 18, 2020 to April 16, 2020. Credit Suisse International acted as financial advisor to Impulsora del Desarrollo y el Empleo en América Latina, S.A.B. de C.V. S.D. Indeval, S.A. de C.V acted as depository for Impulsora del Desarrollo y el Empleo en América Latina, S.A.B. de C.V. Morgan Stanley Canada Limited acted as financial advisor to Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan Board in this transaction. Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan Board completed the acquisition of 40% stake in Impulsora del Desarrollo y el Empleo en América Latina, S.A.B. de C.V. (BMV:IDEAL B-1) for MXN 50.4 billion on April 16, 2020. CPP Investments will own a 23.7% interest in IDEAL alongside a 16.3% stake owned by Ontario Teachers’. The current majority owners of IDEAL’s outstanding shares will continue to hold a majority shareholding in the company. Jared Fontaine and Michael Horwitz of Torys LLP acted as legal advisors to Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan Board. Jorge Montaño Valdés, Jean Michel Enríquez, Omar Zúñiga Arroyo, Santiago Sepúlveda, Luis Gerardo García Santos Coy, Vanessa Giménez of Creel García-Cuéllar Aiza y Enriquez acted as legal advisors to Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan Board. Francisco Pérez Ortega of PBP Abogados acted as legal advisor to Impulsora del Desarrollo. Galicia Abogados also advised on the transaction.