Energy and power-focused venture capital firm EnerTech Capital has opened a Montréal office located within the facilities of global engineering company Hatch, which is a strategic partner and investor. It was further announced that Hatch's global managing director of technologies Nils Voermann will be joining EnerTech's strategic advisory board. The firm in September closed its fourth venture fund, EnerTech Capital Partners IV LP, raising approximately $120 million.
3 min read · 01 October 2013
China's Wuhan Iron & Steel (Group) Corp is looking to buy Rio Tinto's stake in Montréal-based Iron Ore Co of Canada (IOC), reports The Wall Street Journal. According to "people familiar with the matter," the state-owned steelmaker is interested in acquiring, potentially with partners, the 59% position in IOC that Rio Tinto put up for sale in March 2013, underscoring China's continued appetite for metal assets. The story follows an August report by Reuters that several private equity firms that were also bidding, including Apollo Capital Management and Blackstone Group, dropped out after making offers that were deemed too low. Canada Pension Plan Investment Board was, according to Reuters, working on a proposal with Apollo. The IOC acquisition has been valued at up to US$4 billion.
1 min read · 01 October 2013
At its annual general meeting in Montréal last week, the Fonds de solidarité des travailleurs du Québec FTQ reported a ninth consecutive increase in share value in its 2012-2013 fiscal year, shareholders totaling 615,664, and net assets totaling $9.3 billion. Fonds chairman and FTQ president Michel Arsenault and Yvon Bolduc, president and CEO, also flagged continuing support for the 15% federal tax credit for investors in labour-sponsored venture capital corporations, citing 110,000 Québec residents who have either written to the Minister of Finance, or signed a petition, in opposition to the credit's proposed elimination by 2017.
3 min read · 01 October 2013
Canadian insurer Manulife Financial Corp, through its U.S. business division John Hancock Financial, has closed its previously announced acquisition of Bellevue, Wash.-based Symetra Investment Services (SIS) for an undisclosed amount. The broker-dealer/investment advisory company was sold by Symetra Financial Corp, a portfolio company of Canadian private equity firm CAI Private Equity. SIS will now form part of John Hancock Financial Network.
3 min read · 01 October 2013
Telus Corp, one of Canada's biggest wireless providers, is in talks with Mobilicity to revive a plan for Telus to purchase the struggling smaller player, The Globe and Mail newspaper reported. The report, which cited unnamed sources, came after Mobilicity won protection from its creditors said it was seeking regulatory approval for a transaction that would allow it to keep operating. It did not identify the possible buyer.
1 min read · 01 October 2013
Toronto-based wireless service provider Mobilicity, a.k.a. Data & Audio-Visual Enterprises Wireless Inc, has received protection under the Companies’ Creditors Arrangement Act. The company said this protection will allow it time and financing to complete a going-concern transaction currently under federal review. Court authorities approved debtor-in-possession (DIP) financing of up to $30 million from some of the company's noteholders. Mobilicity has been backed by U.S. private equity firm Quadrangle Capital Partners since 2008.
2 min read · 01 October 2013
MoneyGram International Inc has decided to remain public after talks with private equity firms over a leveraged buyout did not result in an offer in line with its expectations, three people familiar with the matter said this week, sister news service Reuters reported.
1 min read · 01 October 2013
Global private equity firm TPG Capital has agreed to sell its China leasing business UT Capital Group Co Ltd to Haitong International Holdings, a unit of Haitong Securities, for $715 million, sister news service Reuters reported, citing two separate statements.
1 min read · 01 October 2013
Trading house Noble and private equity group TPG have each invested $500 million in a private mining venture led by Mick Davis, the former head of Xstrata, hoping to cash in on low valuations and a dearth of buyers for mining assets, sister news service Reuters reported.
2 min read · 01 October 2013
Nine months since taking control of Fender Musical Instruments, TPG Growth and Servco Pacific are finally talking about the changes occurring at the company whose instruments helped define modern music, sister publication peHUB reported.
3 min read · 01 October 2013
