Canadian retailer Hudson's Bay Co. ((TSX: HBC) moved one step closer to its proposed acquisition of Saks Inc. (NYSE: SKS) with the latter company's announcement that the 40-day "go-shop" provision in the July acquisition agreement expired on September 6. Saks is now subject to customary “no-shop” provisions. HBC, which is backed by U.S. private equity firm NRDC Equity Partners, agreed to purchase Saks for around US$2.9 billion. The deal is expected to close before the end of 2013.
5 min read · 13 September 2013
Halifax, Nova Scotia-based Karma Gaming, a developer of next-generation games for lotteries worldwide, has secured an additional $1 million in Series A financing from Canadian venture capital firms Vanedge Capital. The funding tops up a $4 million raise obtained from Rho Canada Ventures and Innovacorp in July. Proceeds from the deal will be used to increase production and invest in its sales channels to accelerate growth. Karma raised an initial seed round of $1.2 million from angel investors in 2012, bringing its total funding to date to $6.2 million.
3 min read · 13 September 2013
The expression “if it’s not broke, don’t fix it” might well apply to Canadian buyout firm TorQuest Partners.
4 min read · 13 September 2013
A fund managed by Perella Weinberg Partners LP is looking to sell its rail car leasing business in North America, three people familiar with the deal told Reuters.
1 min read · 13 September 2013
Private equity firm Kohlberg Kravis Roberts & Co (KKR) has sold its 11 percent stake in Danish telecom firm TDC for $744 million, taking advantage of a recent surge in telecoms stocks to make a long-expected exit from the business, Reuters reported.
2 min read · 13 September 2013
Two key Republicans in the U.S. House of Representatives are questioning whether federal securities regulators are spending too much of their time conducting compliance examinations of private equity fund advisers, saying sophisticated investors need less protection, Reuters reported.
2 min read · 13 September 2013
Twitter Inc has confidentially submitted a filing with the U.S. Securities and Exchange Commission ahead of a planned initial public offering, the company said Thursday in a tweet, Reuters reported.
1 min read · 12 September 2013
Blackstone Group LP is hoping the stock market will value Hilton Worldwide Inc at around $30 billion, including debt, a source familiar with the situation said, as the private equity firm filed papers on Thursday to take the U.S. hotel operator public, Reuters reported.
3 min read · 12 September 2013
A new report by Osler Hoskin & Harcourt LLP discusses the August 28th update by the Ontario Securities Commission (OSC) concerning its work developing a regulatory framework for equity crowdfunding. Osler notes that while the latest OSC report confirms that body's interest in establishing a framework, it also highlights the difficult balance that must be struck to provide investors with adequate protection without imposing excessive burdens on issuers and funding portals.
5 min read · 12 September 2013
Calgary-based oil and gas company Bellatrix Exploration Ltd. (TSX, NYSE MKT: BXE) announced that energy investment firm Grafton Energy Co I Ltd. has increased its capital commitment by $100 million to a $244 million joint venture aimed at developing a portion of the company's undeveloped land holdings. This announcement follows an August agreement whereby Bellatrix will sell a 50% interest in producing assets in the Baptiste area of Alberta for $52.5 million to South Korea's Daewoo International Corp., a subsidiary of POSCO, and Devonian Natural Resources Private Equity Fund.
5 min read · 12 September 2013
