Borealis Plans To Buy Teranet Fund For $2 Billion

Ottawa, Ontario (AHN) - Borealis Infrastructure Management Inc., a subsidiary of Ontario Municipal Employees Retirement System, announced Thursday its intention to acquire land registry firm Teranet Income Fund for $2 billion.

Borealis has offered $11 for every outstanding Teranet trust unit and Class B limited partnership units of Teranet Holdings Limited Partnership.

Borealis' bid is the fourth attempt by OMERS to buy Teranet. OMERS said it will redeem Teranet's bonds if the takeover succeeds, according to Canwest News Service.

RTT News reported that Teranet's board will review the offer, adding it is looking at a variety of options to maximize unitholder value with a number of interested buyers.

Advising Teranet on the transaction are RBC Dominion Securities Inc. and CIBC World Markets Inc.