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Canada Pension Plan Investment Board has invested €550 million ($595 million) in European technology company Team Blue, with the deal advised by Linklaters, MacFarlanes, and Kirkland & Ellis.

The investment values Belgium-based Team Blue at €4.8 billion, with CPP Investments acquiring a portion of the stake held by private equity giant HgCapital Trust PLC. Despite the transaction, Hg remains the largest single investor in the business.

Kirkland & Ellis LLP advised the Canada Pension Plan (CPP) on the deal. Team Blue received legal counsel from Linklaters LLP, while MacFarlanes LLP represented the company's shareholders.

"CPP Investment's approach as a long-term patient capital investor is perfectly suited to our vision for sustained growth," Team Blue's executive team said in a joint statement.

CPP Investments, a private equity investor, was established to oversee and invest the funds of Canada's social insurance program.

Team Blue, which provides software services to three million businesses across Europe and employs 2,500 people, was formed in 2019 from the merger of Combell Group, TransIP Group, and Register Group. Hg invested in the merged company the same year.

"It's been incredible to see our thesis play out over the last five years, with Team Blue evolving into one of the largest tech platforms in Europe," Hg said in a statement.

Team Blue's founders, Jonas Dhaenens and Ali Niknam, will remain as cornerstone investors alongside the management team led by Chief Executive Claudio Corbetta.

The company has expanded significantly through mergers and acquisitions, including the recent acquisition of web-hosting business Loopia Group from Nordic private equity group Axcel.

"Under its current leadership, the business has executed on a successful M&A strategy to expand its product offerings and local presence," Hafiz Lalani, global head of direct private equity at CPP Investments, said.