CPP Investments and AIMCo invest additional $2.4 billion in BAI Communications

TORONTO – Canada Pension Plan Investment Board and Alberta Investment Management Corp. are investing an additional $2.4 billion in BAI Communications to help the wireless infrastructure company grow.

CPP Investments is the majority shareholder in BAI, while AIMCo is a minority investor.

BAI announced a deal Monday to buy Mobilitie, the largest privately held telecommunications infrastructure company in the United States.

It says the deal is a major expansion of its business in North America where it provides cellular and Wi-Fi connectivity across large infrastructure projects.

The acquisition is subject to regulatory approvals and is expected to close in the third quarter of this year.

BAI also recently announced a new partnership with Transport for London in Britain.

This report by The Canadian Press was first published June 28, 2021.