Canada Pension Plan Investment Board (CPPIB) has agreed to acquire 30% stake in BGL Group, a digital distributor of insurance and household financial services, in a deal valued at £675m.

BGL Group operates as a digital distributor of insurance and household financial services, and owns brands including comparethemarket.com, LesFurets.com and online life insurer BeagleStreet.com.

As a result of this investment, CPPIB will nominate a non-executive director to represent it on the board of BGL.

Commenting on the deal, CPPIB managing director and head of direct private equity Ryan Selwood said: “Through this investment in BGL Group, CPPIB will participate in the continued growth of a leading financial technology business serving the UK consumer insurance distribution market, which provides greater transparency and choice to consumers.

“We are very pleased to create this partnership with BHL in a dynamic, high-growth sector to further support the success of BGL’s iconic brands, including comparethemarket.com, which will further diversify our portfolio.

“This investment alongside a world class, aligned partner in BHL is a great example of our Private Equity Solutions strategy, where we provide capital solutions at scale to families, like-minded investors, corporations, funds and entrepreneurs, to pursue sizeable investments with an option to hold long term, ultimately delivering strong risk-adjusted returns to CPP contributors and beneficiaries.”

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Subject to customary closing conditions including regulatory approvals, the transaction is scheduled to be completed by the end of April 2018.