PSP Investments buys 50% of Enercare from Brookfield for $1.6B

Canada's PSP Investments agreed to acquire a 50% interest in Enercare from Brookfield and its institutional partners for $1.6 billion. Enercare provides water heaters, HVAC equipment, water purification and protection plans to more than 1.4 million Canadian homes and businesses. PSP has co-invested in Enercare alongside Brookfield since its 2018 privatization.

Why it matters: The deal is part of PSP's push to grow its Canadian assets from over $75 billion to more than $100 billion.