Canada Pension Plan Investment Board (CPPIB) on Tuesday said that it has invested €320.8 million ($442.4 million) to acquire a 15% stake in French nursing home operator Orpea. 

CPPIB is buying the shares from Orpea's founder Jean-Claude Marian and Santé Finance et Investissement. CPPIB is one of Canada's top pension fund managers with over C$192.8 billion ($181.70 billion) in assets under management. 

The Canadian pension fund had also agreed to underwrite a €100 million equity issue by Orpea. Orpea intends to use proceeds from the deal to fund its international growth program. It plans to expand into China and other markets. 

CPPIB said that the deal came together following active talks with Marian's advisors over the last few months. Marian will keep an 8% stake in the company and will continue his role as chairman of Orpea's board of directors, Reuters said. 

Orpea operates some 339 facilities in France and about 92 centers in Spain, Italy, Belgium and Switzerland. It is one of Europe's leading providers of skilled nursing, post-acute care, rehabilitation and psychiatric services, the report said.