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Ontario Teachers' buys U.K. rope maker Bridon Ltd. for $656 million

The Canadian Press

TORONTO - The Ontario Teachers' Pension Plan is buying U.K.-based wire rope manufacturer Bridon Ltd. for $656 million.

The deal with Melrose Industries PLC is subject to regulatory approvals and expected to close at the end of the year.

Bridon is headquartered in Doncaster, U.K., but operates manufacturing divisions around the world.

Its products are used for industrial, mining, oil and gas extraction, marine and other specialized areas of engineering.

The Ontario pension fund manages the investments and administers the pensions for more than 300,000 active and retired teachers in the province.

It had $140.8 billion in net assets as of Dec. 31, 2013.