Freshfields Bruckhaus Deringer and Linklaters have won the lead roles on the latest multi-million-pound investment by the Canada Pension Plan Investment Board (CPPIB).

CPPIB sought legal counsel from Freshfields partners David Higgins and Richard Thexton, who were supported by senior associate Chetan Sheth and associate Nicola Kinmond.

Partners Martin McElwee and George Swan worked on antitrust and insurance issues respectively, while counsel Mac Mackenzie provided regulatory advice.

The transaction sees the pension fund invest around £675m for a 30 per cent stake in financial services company BGL Group.

Peterborough-based BGL operates price comparison websites comparethemarket.com and French-based LesFurets.com.

Linklaters acted for BGL with a team led by partner Iain Fenn, supported by managing associate Chris Boycott.

BGL Group’s current owner BHL will continue to retain a majority shareholding in the business, with the investment expected to complete by the end of April.

BGL had been exploring option to float on the London Stock Exchange, but confirmed it would be putting off these plans after CPPIB’s investment.

Background to the deal

Freshfields has developed strong ties to CPPIB, with members of its financial investors group acting on three major deals for the fund this year.

In the summer, London-based Higgins and Paris-based Alan Mason advised CPPIB on its investment in textile company Elis. The firm also represented CPPIB it on its acquisition of GTA from the Kuoni Group in April, with partner Victoria Sigeti this time leading alongside Higgins. CPPIB formed part of a consortium including Cinven and Hotelbeds to fund the acquisition.

BGL Group has tended to use national firm TLT on corporate and financing issues in the past, with the firm advising on its £190m securitisation facility in 2014 and sale of Bennetts Insurance to Saga in 2015.