CPP Investments buys 20% stake in European software company

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John Graham, CEO of the Canada Pension Plan Investment Board, speaks at the annual general meeting and convention of the Canadian Chamber of Commerce in Ottawa, October 14, 2022.Sean Kilpatrick/The Canadian Press

Canada Pension Plan Investment Board is investing approximately $811 million for a 20 per cent stake in European company, which helps entrepreneurs and small businesses simplify doing business online.

The transaction was valued at approximately $7 billion.

The software company says the new investment will support its growth strategy.

Hafiz Lalani, global head of direct private equity at CPP Investments, says operates in an attractive, resilient and growing online presence sector.

Hg, the private equity firm that first invested in in 2019, remains the largest single investor in the company, which has 3.3 million customers in 22 European countries.

CPP Investments manages the investments of the Canada Pension Plan.