The Canada Pension Plan has announced it plans to invest approximately $291 million (CAD) (£142.4 million) in Entertainment One, representing a 17.9% ownership interest in the company.

With the deal, the Canada Pension Plan Investment Board will acquire 52.9 million common shares of Entertainment One. The deal is conditional on CPPIB receiving approval from the Australian Foregin In vestment Review Board, but is expected to close within 30 days.

“We are pleased to have the opportunity to become a significant shareholder in eOne and to work with the company to help it achieve its ambitious growth plans of doubling in size within the next five years,” said Scott Lawrence, managing director and head of relationship investments, CPPIB, in a statement. “eOne’s management team has a proven track record of performance in the rapidly changing, dynamic entertainment industry and the company. With the proliferation of channels, the value of content is ever increasing across the globe and eOne is well-positioned to capitalize on both organic and acquisitive growth opportunities in its many lines of business.”

The investment from CPPIB comes about eight months after Entertainment One announced it had taken a majority stake in L.A.’s The Mark Gordon Company that saw the two companies create a new studio venture. Projects linked to the pact so far include the indie All the Old Knives and the TV project The Ambassador’s Wife, starring Anne Hathaway.

– Image courtesy of Shutterstock