The CPP Investment Board yesterday announced its participation in a consortium that has made a recommended offer to acquire all of the shares in AWG Plc for 1,555 pence per share. The offer values AWG’s equity at approximately Pounds Sterling 2,213 million. The CPP Investment Board’s participation in the bid is for an amount of equity of approximately $1.05 billion.

AWG is the parent company of Anglian Water, one of the leading water companies in the UK serving approximately six million customers in the east of England.

The members of the consortium, which is investing through a newly incorporated vehicle called Osprey Acquisitions Ltd,, are: CPP Investment Board, Colonial First State Global Asset Management, Industry Funds Management and 3i Group plc.

The CPPIB’s senior vp, private investments, Mark Wiseman, said, “The bid supports our overall infrastructure investments strategy. As long-term investors we look for solid infrastructure assets, like AWG, that have stable cash flows, strong operational performance and an experienced management team. The potential acquisition of AWG would be our largest infrastructure investment to date and would further strengthen our growing portfolio of infrastructure assets.”

In June 2006, the CPP Investment Board announced a US$350 million investment in Transelec Chile S.A. Transelec is the largest electricity transmission company in Chile.