The Canada Pension Plan Investment Board (CPPIB) has teamed up with Silicon Valley-based growth equity firm TCV to acquire a 39 percent stake in Swiss-based sports data firm Sportradar.

Sportradar announced that CPPIB, through its wholly-owned subsidiary CPP Investment Board Europe, planned to gobble up a minority stake in the company valued at €2.1 billion ($2.4 billion). It was estimated that CPPIB shares in the company would be around 40 percent or a total of $713.01 million.

The shares that CPPIB planned to purchase belonged to private equity firm EQT and certain minority shareholders, according to Sportradar. EQT, for its part, said it is planning to reinvest a portion of its sale proceeds into Sportradar.

According to their timeline, the parties target to close the transactions in the fourth quarter of 2018. Sportradar founder and CEO Carsten Koerl will retain his entire ownership position despite the entry of CPPIB and TCV in the company.