Canada’s OMERS to sell 25% stake in Spanish energy firm Exolum

Canadian pension fund OMERS has agreed to sell its 25% stake in Spanish energy logistics company Exolum to European real assets investment firm Stoneshield Capital and another investor, according to a joint statement released on Friday.

Under the agreement, Stoneshield will acquire a 15% stake in Exolum.

The firm had already purchased close to 5% in the company in January.

Deal expected to close in the third quarter

The companies said the transaction is expected to close in the third quarter of 2026, subject to regulatory approvals and other customary conditions.

The sale marks OMERS’ exit from its stake in Exolum following a refinancing operation carried out in December.

At the time, OMERS completed a €770 million refinancing linked to its holding in the Spanish energy infrastructure company.

Exolum operates in the transportation, storage, and distribution of refined oil products, bulk liquids, and aviation fuels.

The company owns a pipeline network spanning around 6,000 kilometres across Spain and Britain.

The company also serves more than 48 airports and employs over 2,300 people.

Stoneshield increases exposure to infrastructure assets

The acquisition will strengthen Stoneshield Capital’s position in Exolum after its earlier investment in the company this year.

With the additional 15% purchase from OMERS, the firm will significantly increase its holding in the energy logistics group.

The identity of the second investor involved in the transaction was not disclosed in the statement.

OMERS remains one of Canada’s largest pension managers

OMERS, formally known as the Ontario Municipal Employees Retirement System, is one of Canada’s largest defined benefit pension plans.

The pension fund manages more than $145 billion in net assets and serves over half a million active and retired municipal workers across Ontario.

Its members include police officers, firefighters, teachers, and employees from local government agencies, school boards, libraries, and emergency services.

Founded in 1962, OMERS collects pension contributions, invests funds globally, and pays retirement benefits to its members.

The pension fund operates internationally through offices in cities including Toronto, London, New York, Singapore, and Sydney.

OMERS investment operations span multiple sectors

OMERS invests across several sectors through its different investment divisions.

Its infrastructure arm focuses on large-scale assets in sectors such as energy, transportation, and digital services.

The pension fund also owns Oxford Properties, its real estate business that manages and develops office, retail, and residential properties globally.

In addition, OMERS operates private equity and venture investment businesses focused on mid-market companies and technology ventures.

The planned sale of its Exolum stake represents another portfolio transaction by the pension fund as it continues to manage investments across infrastructure and alternative assets.