CPP partners with Permira to buy data firm Informatica for $5B

Canada's national pension plan is teaming up with a private equity group to buy a data company called Informatica for $5.3 billion US.

The Canada Pension Plan Investment Board and London-basedprivate equity firmPermira have struck a deal to buyInformatica.

The Redwood City,Calif-based company helps other companies manage large amounts of customer and employee datamore efficiently. It has about 5,500 employees.

Under the deal announced Tuesday, shareholders of the data and software company will receive $48.75 US in cash per share, marking a 10 per cent premium to Monday's closing price of $44.22. The company will be taken private.

The CPPIB managesfunds that aren't currently needed to pay retirement benefits to members of the Canada Pension Plan. As of Dec. 31, it had $238.8 billion of assets under management, and has been deemed actuarially sound for the next 75 years.

"We look forward to partnering with theInformaticateam and thePermirafunds to accelerate the company's growth and to supportInformatica'scontinued market leadership in product innovation," saidCPPIBsenior managing director Mark Jenkins.