Innergex Renewable Energy Inc (TSX: INE) and Desjardins Group Pension Plan have bought the Sainte-Marguerite-1 run-of-river hydroelectric facility from Hydroméga Group of Companies. The acquisition price was about $82.1 million, plus the assumption of debt. The 30.5 MW SM-1 hydroelectric facility is located on private land near the town of Sept-Iles, Québec. Innergex and Desjardins own 50.01 percent and 49.99 percent, respectively, of the common units of Innergex Sainte-Marguerite SEC. Based in Longueuil, Québec, Innergex is an independent renewable power producer and a portfolio investment of the Caisse de dépôt et placement du Québec.
9 min read · 23 June 2014
Canada Pension Plan Investment Board (CPPIB) has made its first investment in India's infrastructure sector, committing US$322 million to the infrastructure development division of Larsen & Toubro Ltd. The investment will be made in two tranches by CPP Investment Board Singaporean Holdings I (CPPIBSH). The infrastructure assets owned by the Mumbai-based Larsen & Toubro include the largest toll-road concession portfolio in India, as well as a power transmission line project and a metro project in Hyderabad. CPPIBSH eventually will own a minority stake in the equity capital of the company's infrastructure subsidiary.
4 min read · 23 June 2014
The Carlyle Group LP has raised $1 billion for its second fund focused on buying and selling financial institutions such as wealth managers and insurance firms, almost three years after it began fundraising.
2 min read · 23 June 2014
British Columbia Investment Management Corp (bcIMC) has appointed Gordon J. Fyfe as CEO and CIO effective July 7. For the past 11 years, Fyfe has served as president and CEO of the Public Sector Pension Investment Board. He previously held a senior executive position at the Caisse de dépôt et placement du Québec. Fyfe replaces Doug Pearce, who headed the organization for more than two decades before announcing his retirement in 2013. Last October, Pearce discussed his legacy at bcIMC with peHUB's U.S. editor Chris Witkowsky. Based in Victoria, British Columbia, bcIMC has investment portfolio assets totaling $114 billion.
3 min read · 20 June 2014
Independence Contract Drilling Inc, a portfolio company of Canadian resource-focused private equity firm Sprott Resource Corp, has registered with the U.S. Securities and Exchange Commission for a possible initial public offering. Based in Houston, the company is a vertically integrated premium land drilling service provider. The Toronto-based Sprott first invested in Independence Contract Drilling in 2012, and currently holds a 31.7 percent ownership interest.
4 min read · 20 June 2014
U.S. securities regulators have extracted a settlement from a venture capital firm, marking the first time they have filed charges over violations of “pay to play” rules designed to prevent advisers from making campaign contributions to win pension business.
2 min read · 20 June 2014
Buyout firms TPG Capital and Carlyle Group are targeting a $2.4 billion initial public offering of shares in Australia’s Healthscope Ltd as their most-favored option for the country’s second-biggest private hospital operator, a source with direct knowledge of plans said.
3 min read · 20 June 2014
Following lacklustre activity in 2013, deal-making in Canada's M&A market showed a major drop in the first quarter of 2014, reports Crosbie & Co. The Financial Post Crosbie: Mergers & Acquisitions in Canada database counted 189 announced transactions valued at $31.1 billion in this period, representing the lowest level of activity since the first quarter of 2009. Crosbie managing director Colin Walker said slow activity is at odds with several factors that should be creating strong market conditions. To an extent, overall M&A numbers are being impacted by sharp declines in dealmaking in certain sectors, such oil and gas and real estate, the report said.
3 min read · 20 June 2014
Canadian oil and gas company Journey Energy Inc has completed an initial public offering and a secondary offering of a combined 16.5 million common shares at a price of $12 per share. Together, the offerings raised gross proceeds of $198 million and may go on to raise a total of $228 million. The secondary deal was done by Infra-PSP Partners, a subsidiary of PSP Investments, which has been Journey's principal shareholder. Reuters reported that PSP would retain an investment stake of about 30 percent in the Calgary-based company following the close of the offer. Journey's shares are now listed on the Toronto Stock Exchange under the symbol "JOY".
4 min read · 19 June 2014
U.S. energy-focused private equity firm Riverstone Holdings has increased its ownership interest in Canadian International Oil Corp. This occurred as a result of Riverstone's participation in a secondary sale of shares sold by a group of the company's existing institutional investors. The value of the transaction was undisclosed. In March, Riverstone made a $200 million commitment to Canadian International Oil's property development program. Founded in 2010, the Calgary-based company has operations in the Alberta Deep Basin, where it is developing a multi-zone, liquids rich gas and oil play.
2 min read · 19 June 2014
