The Ontario Teachers' Pension Plan agreed on Monday to buy Burton's Biscuit Co., one of Britain's top cookie and cracker makers with annual sales of $548 million.

The pension fund, which had $129.5 billion in assets at the end of last year and serves 303,000 active and retired teachers, purchased a majority stake in Burton's from the Canadian Imperial Bank and funds managed by Apollo Global Management. The sale price was not disclosed.

The pension said the company's current management team would be retained, including CEO Ben Clarke.

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