Ontario Teachers’ Pension Plan Ups Stake in Chilean Utilities

The Ontario Teachers’ Pension Plan is planning to increase its majority stakes in two Chilean water utilities: Essbio S.A. and Esval S.A., Reuters reported. The government is auctioning off its stakes in both utilities. Following the auction, the government will hold 5% of each. Teachers’ currently owns about 51.1% of Essbio and 69.8% of Esval, Reuters wrote.

(Reuters) – The Ontario Teachers’ Pension Plan (OTTP), one of Canada’s largest, plans to increase its majority stakes in two Chilean water utilities through an auction to be held later this week.

CORFO, a Chilean government agency, is auctioning its stakes in Essbio S.A. and Esval S.A. After the auction, the government will own 5 percent of each utility.

The utilities operate drinking water and sewage treatment facilities.

Teachers’ owns about 51.1 percent of Essbio and 69.8 percent of Esval and is a member of the controlling group that intends to buy CORFO’s interests in the utilities. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Maju Samuel)