TORONTO — The Canada Pension Plan Investment Board has signed a $1.1-billion deal to acquire a 30-per-cent stake in BGL Group, a digital distributor of insurance and financial services.

BGL Group's brands include, and online life insurer

Under the deal, CPPIB will nominate a non-executive director to represent it on the BGL board.

BHL, the current owner of BGL Group, will retain a majority interest in the business.

The deal is subject to customary closing conditions including regulatory approvals.

It is expected to close by the end of April.