Canada Pension Plan Investment Board (CPPIB) has bought 10.4 million common shares of Markit Ltd as part of the company's initial public offering. Valued at US$24.00 per share, the purchase represents an investment by CPPIB of US$250 million and an ownership interest of approximately 6 percent. Based in London, Markit is a diversified provider of financial information services led by Canadian-born executive Lance Uggla. It is backed by U.S. private equity firm General Atlantic, Singapore investment firm Temasek Holdings and other investors. The Markit IPO is reported by the Wall Street Journal to have raised about US$1.2 billion.
2 min read · 19 June 2014
Tom, your firm specializes in buying lower mid-market companies in the government contracting and engineering and development markets. What make these fertile areas for private-equity investing?
4 min read · 19 June 2014
First Data Corp will receive a $3.5 billion injection from existing and new investors, the payment processor announced, as its private equity owner, Kohlberg Kravis Roberts & Co, tries to offer debt relief to the one of the world’s largest leveraged buyouts.
2 min read · 19 June 2014
Manac Inc (TSX: MA), a portfolio company of U.S. private equity firm American Industrial Partners, has acquired Peerless Ltd for $14.75 million in cash. Based in Penticton, British Columbia, Peerless is a designer and manufacturer of highly specialized trailers and chassis for a variety of industries. The Saint-Georges-de-Beauce, Québec-based Manac is a manufacturer of vans, flatbeds and specialty trailers. The company raised approximately $40 million in gross proceeds from its initial public offering of subordinate voting shares last September.
3 min read · 18 June 2014
Yamana Gold Inc (TSX: YRI) and Agnico Eagle Mines Ltd (TSX: AEM) have completed their previously announced court-approved acquisition of 100 percent of the issued and outstanding common shares of Osisko Mining Corp, which operates the Canadian Malartic Gold Mine in Malartic, Québec. The deal, which was valued at around $3.9 billion, succeeded an earlier proposed transaction that was financed in part by CPPIB Credit Investments and the Caisse de dépôt et placement du Québec. The common shares of the Montréal-based Osisko were de-listed this week from the Toronto Stock Exchange.
6 min read · 18 June 2014
A unit of Energy Future Holdings Corp, the bankrupt Texas power company, was sued by holders of $2.2 billion of notes who said the company cannot refinance their securities without making hundreds of millions of dollars in early redemption payments.
2 min read · 18 June 2014
TPG Capital LP-backed ATD Corp, one of the largest U.S. tire distributors, filed with U.S. regulators on June 16 to raise up to $100 million in an initial public offering.
1 min read · 18 June 2014
Laborie Medical Technologies Inc, a portfolio company of U.S. private equity firm Audax Group, has acquired BUCK Elektromedizin GmbH and BUCKmeditec GmbH & Co. The financial terms of the deal were not disclosed. Based in Bad Rappenaeau, Germany, BUCK develops and distributes equipment, accessories and consumables for pelvic floor dysfunction in the treatment of urinary and fecal incontinence. Update: The Toronto-based Laborie is a maker and provider of medical testing equipment and consumables. The company was acquired by Audax in 2012.
2 min read · 18 June 2014
Valeant Pharmaceuticals Inc said on Tuesday it will launch an exchange offer for Allergan Inc this week, allowing it to eventually take the unsolicited bid directly to shareholders, Reuters reported. Botox-maker Allergan has rejected Valeant’s offer of cash and shares. Additionally, Allergan's biggest shareholder, Pershing Square Capital Management, intends to mail proxy materials to seek a special meeting later this year to change most of Allergan’s board, Valeant said.
3 min read · 17 June 2014
Royal Bank of Canada's wealth management division, Canada's biggest player in the high net worth arena, is on the lookout for acquisitions to grow its presence in alternative assets, particularly real estate, and beef up U.S. distribution, Reuters reported. In the last six years, Toronto-based RBC has made two major acquisitions in the wealth management business, buying Phillips, Hager & North Investment Management Ltd in 2008 and BlueBay Asset Management Plc in 2010.
2 min read · 17 June 2014
