WL Ross & Co named Stephen Toy and Greg Stoeckle as senior managing directors and co-leaders of the private equity firm, as billionaire investor Wilbur Ross moved to put a succession plan in place at the firm he founded in 2000.
2 min read · 26 March 2014
TMX Group Inc, owner and operator of the Toronto Stock Exchange and TSX Venture Exchange, plans to form a new business to facilitate capital raising and the trading of securities in the exempt market. The new business, called TSX Private Markets, will focus on servicing companies throughout their evolution from start-up to private issuer to public issuer, TMX Group said. Expected to launch in the third quarter of 2014, the business will be managed by Shorcan Brokers Ltd.
2 min read · 25 March 2014
Pantheon is the finalist to run an innovative private equity fund of funds that is expected to bundle capital from the Orange County Employees Retirement System and a group of small and mid-sized institutional investors.
2 min read · 25 March 2014
Britain's Centrica (CNA.L) and its consortium partners said on Tuesday they will buy the retail arm and other assets of Ireland's state-owned Bord Gais for 1.1 billion euros (US$1.5 billion), helping the utility expand abroad as it is losing customers at home, reports Reuters. entrica will purchase Bord Gais Energy, Ireland's biggest electricity and gas provider. Its consortium partners iCON Infrastructure Partners and Brookfield Renewable Energy Partners will purchase Bord Gais' distribution and renewable power generation assets, respectively, the companies said. In a separate release, the Toronto-based Brookfield Renewable said the Bord Gais acquisition is its first outside of the Americas and "provides us with a strong foundation to build a scalable renewable energy business in Europe."
2 min read · 25 March 2014
The Canada Pension Plan Investment Board said on Tuesday it will invest US$250 million in the Chinese real estate market through a new venture with China Vanke Co Ltd, the nation's largest residential developer, Reuters reports. CPPIB said it intended to capitalize on China's rising incomes and strong economic fundamentals, factors that will provide significant demand for middle-income housing. As of Dec. 31, CPPIB's investments in Asia totaled $23.4 billion representing 11.6 percent of its overall portfolio.
2 min read · 25 March 2014
Benev Capital Inc (TSX-V: BEV), a provider of solutions for the treatment of contaminated soil, has received an investment from Canadian specialty finance firm Difference Capital Financial. The firm acquired over 7.2 million common shares in Benev for $1.91 per share, or around $13.8 million. The purchase raises Difference Capital's share of the company's total issued and outstanding stock to 28.4%. With its headquarters in Oakville, Ontario, Benev is also a portfolio investment of Vancouver-based private equity firm Second City Capital Partners.
3 min read · 25 March 2014
The Carlyle Group LP named as co-president and co-chief operating officer JPMorgan Chase & Co’s Michael Cavanagh, who had been considered a leading contender to succeed the bank’s CEO Jamie Dimon.
4 min read · 25 March 2014
Calgary-based oil and gas companies Passport Energy Ltd (PPO: TSX-V) and Amarok Energy Inc (AMR: TSX-V) have agreed to merge, creating a new company called Powder Mountain Energy Ltd. The deal accommodates a previously-announced private placement offering involving Passport. Canadian private equity firm 32 Degrees Capital is subscribing for $13 million of the offering, which will result in the firm owning up to 39% of Powder Mountain. Based in Calgary, 32 Degrees invests in early stage oil and gas companies, and energy service, equipment and manufacturing businesses.
10 min read · 24 March 2014
Canada Pension Plan Investment Board (CPPIB) has bought a 23.6% equity stake in Peruvian pipeline company Transportadora de Gas del Perú S.A. (TgP). The deal also included the acquisition of TgP's operator, Compañía Operadora de Gas del Amazonas (COGA). The value of the combined acquisitions was US$607 million. Including the 10.4% stake in TgP bought earlier this year, CPPIB expects to hold a total ownership interest in TgP of 36.8%, making it the largest investor. Separately, the pension fund also agreed to sell a 51% interest in COGA to Graña y Montero, and 30% to Enagás, with CPPIB retaining a 19% position in the company.
3 min read · 24 March 2014
IMS Health Holdings Inc said it expected to price its IPO at US$18-US$21 per share, valuing the healthcare information company at up to US$6.97 billion, Reuters reported. The company said the sale of 65 million shares was expected to raise about US$1.36 billion, based on the top end of the price range. The Danbury, Connecticut-based IMS was taken private in 2010 by TPG Capital LP, Canada Pension Plan Investment Board and Leonard Green & Partners LP for US$5.2 billion, including debt.
1 min read · 24 March 2014
