OMERS to invest in DigitalBridge-backed Beanfield Technologies

• Peter Gray and Jenine Krause, managing directors at OMERS Infrastructure, will join Beanfield’s board of directors
• The investment by OMERS will help expand Beanfield’s existing 4,000-kilometer fiber network
• The network currently serves about 4,000 commercial buildings and more than 170,000 residential units in Ontario, Quebec and British Columbia
  

OMERS Infrastructure has agreed to invest in Beanfield Technologies, owner and operator of a fiber infrastructure network servicing the enterprise, commercial and residential sectors, mostly in Toronto, Vancouver and Montreal.

No financial details of the transaction were disclosed. It is expected to close in the third-quarter of 2023, subject to regulatory approvals.

DigitalBridge, which acquired Beanfield in 2019, will continue to hold a majority stake in the company. DigitalBridge recapitalized Beanfield in 2020 with an investment of C$255 million.

Peter Gray and Jenine Krause, managing directors at OMERS Infrastructure, will join Beanfield’s board of directors.

The investment by OMERS will help expand Beanfield’s existing 4,000-kilometer fiber network, which currently serves about 4,000 commercial buildings and more than 170,000 residential units in Ontario, Quebec and British Columbia.

“We are very pleased to have Beanfield represent OMERS first investment into the digital infrastructure sector in North America and look forward to working closely with management and DigitalBridge to leverage our collective global experience to expand the company’s product offering and reach to more Canadians, creating value for all stakeholders,” said OMERS’ Gray in a statement.

OMERS Infrastructure manages infrastructure investments on behalf of OMERS, a benefit pension plan for municipal employees in Ontario, and third-party investors. It has offices in Toronto, New York, the UK, Continental Europe, Asia and Australia.

With major offices in New York, Los Angeles, London, Luxembourg and Singapore, DigitalBridge is a an alternative asset manager that invests in digital infrastructure. It manages a $69 billion portfolio of digital infrastructure assets.

TD Securities is serving as financial advisor and McCarthy Tétrault is serving as legal counsel to OMERS Infrastructure. Lazard served as financial advisor and Davies Ward Phillips & Vineberg acted as counsel to DigitalBridge, Beanfield and their affiliates.