CPP Investments holds a 49% equity stake in Aera Energy
Combined company to play leading role in California's energy transition

TORONTO, Feb. 7, 2024 /CNW/ - Canada Pension Plan Investment Board (CPP Investments) today announced certain affiliates of CPP Investments have signed a definitive agreement providing for a proposed merger of Aera Energy, LLC (Aera Energy), and California Resources Corporation (NYSE: CRC), an independent energy and carbon management company committed to the energy transition. The transaction values Aera Energy at approximately $2.1 billion, inclusive of Aera Energy's net debt. CPP Investments will receive newly issued shares of common stock in the combined company upon the close of the transaction that, at current valuations, is expected to represent approximately 11.2% of the combined company.