Davis Polk advised the board of directors of Advanced Drainage Systems, Inc. in connection with its acquisition of Infiltrator Water Technologies from an affiliate of The Ontario Teachers’ Pension Plan for approximately $1.08 billion.
Advanced Drainage Systems is the manufacturer of high performance thermoplastic corrugated pipe, providing a comprehensive suite of water management products and superior drainage solutions for use in the construction and infrastructure marketplace. Infiltrator Water Technologies is a manufacturer of products for the water and wastewater industries. OTPP is Canada’s largest single-profession pension plan with $191.1 billion in net assets at December 31, 2018. The defined-benefit plan, which is fully funded, invests and administers the pensions of the province of Ontario’s 327,000 active and retired teachers.
The Davis Polk corporate team included partners Arthur F. Golden, Harold Birnbaum and Evan Rosen. The capital markets team included partner Michael Kaplan. Partner Ronan P. Harty provided antitrust and competition advice. All members of the Davis Polk team are based in the New York office.