Commonwealth Bank of Australia (CBA) on Wednesday said it will accept an offer from Dexus Property Group and the Canada Pension Plan Investment Board (CPPIB) to buy Commonwealth Property Office Fund (CPA) for US$2.7 billion, reports Reuters. The fund, which owns 26 office buildings in major business districts, is the target of a bidding war between the Dexus-led consortium and rival property investor The GPT Group, as they seek more Australian office real estate because it promises high yields.
1 min read · 18 December 2013
Canadian pension fund manager the Caisse de dépôt et placement du Québec has committed another $100 million to the Québec Manufacturing Fund LP (QMF), a private equity fund formed in 2006 to invest in Québec businesses in the manufacturing sector that present attractive opportunities and have the potential to make significant improvements to their operations. With assets under management now totaling $200 million, the Saint-Bruno, Québec-based QMF will enter its second phase of investment activity. Since its inception, the fund has completed investments involving five Québec manufacturers: Avant-Garde Technologie CMFA Inc, Ezeflow Inc, Fraco Products Ltd, Hason Steel Products Inc, and Liberty Spring Inc.
5 min read · 18 December 2013
IMS Health Inc has hired JPMorgan Chase & Co Inc to lead a proposed initial public offering that could value the private equity-owned healthcare information company at close to US$10 billion, according to people familiar with the matter, reports Reuters. TPG Capital LP, Canada Pension Plan Investment Board (CPPIB) and Leonard Green & Partners LP, which took IMS private in 2010 for US$5.2 billion, including debt, chose JPMorgan as the lead underwriter after interviewing investment banks late last week, the people said. While the private equity owners could also explore an outright sale of Danbury, Connecticut-based IMS to another company, a public offering is a more likely outcome.
2 min read · 18 December 2013
Mergers and acquisitions in the global wealth management industry are soaring as companies struggling to cope with costly new regulatory requirements seek to consolidate, with $760 billion of funds changing hands in 2013, according to a new industry study, reports Reuters. This year there has also been more interest shown in the sector by private equity groups, with Permira buying up Deutsche Bank's Tilney wealth management arm as well as Bestinvest, and Carlyle Group acquiring Toronto-based Diversified Global Asset Management and TCW.
2 min read · 17 December 2013
CT-Payment Inc, a Repentigny, Québec-based debit- and credit-card processing business, has completed its restructuring. The company announced that all of its creditors have been reimbursed, including Investissement Québec, one year ahead of schedule. CT-Payment also said that it has reinforced its technology product platform for the Canadian payment industry, and extended its commercial activities in the United States and Europe. CT-Payment is a portfolio company of the Fonds de solidarité des travailleurs du Québec FTQ.
2 min read · 17 December 2013
Osisko Mining Corp has completed its renegotiation of long-term debt facility agreements totaling $225 million. The previously-announced transaction involves CPPIB Credit Investments, the Caisse de dépôt et placement du Québec and Ressources Québec, a subsidiary of Investissement Québec. A new repayment schedule was created for the $150 million CPPIB facility and for $75 million in convertible debentures. Based in Montréal, operates Québec's Malartic Gold Mine and is currently exploring new properties in Ontario and Mexico.
4 min read · 17 December 2013
KKR & Co LP said it would acquire its specialty finance company KKR Financial Holdings LLC (KFN) in a $2.6 billion deal, paid for with KKR shares trading at an all-time high, that will boost the private equity firm’s dividends, sister news service Reuters reported.
3 min read · 17 December 2013
American Tire Distributors Inc (ATD) has acquired 100% of the shares of Wholesale Tire Distributors Inc, a Vaughan, Ontario-based company focused on tire supply and related services. The financial terms of the transaction were not published. This is the company's second acquisition in Canada this year. In May 2013, ATD also bought Regional Tire Distributors Inc of Burlington, Ontario for US$62.5 million. With its headquarters in Charlotte, North Carolina, ATD is a portfolio investment of U.S. private equity firm TPG Capital, which bought the company in 2010 from Investcorp, Berkshire Partners and Greenbriar Equity.
2 min read · 16 December 2013
3 min read · 16 December 2013
Hastings Equity Partners collected $52 million for a November first close of its third fund, according to a source, sister news service peHUB reported.
1 min read · 16 December 2013
