Canadian private equity firm Onex Corp has agreed to sell Tropicana Las Vegas to Penn National Gaming Inc, a U.S. operator of casinos and racetracks. The transaction's value is about US$360 million, of which Onex will take about US$50 million. The deal is expected to close later this year. In 2009, Onex partnered with Alex Yemenidjian in buying a majority stake in Tropicana Las Vegas, which operates a hotel and casino resort in Las Vegas, Nevada. According to a Reuters report at the time, the company had recently emerged from bankruptcy protection.
2 min read · 29 April 2015
British communications and events company UBM Plc is exploring a sale of PR Newswire Association LLC in a deal that could value the distributor of press releases at more than $700 million, people familiar with the matter told Reuters.
2 min read · 29 April 2015
Advent International is in talks with Carlyle Group and three separate healthcare providers to sell its 72 percent stake in India’s CARE Hospitals for $250 million to $300 million, two sources with direct knowledge of the matter told Reuters.
1 min read · 29 April 2015
Israel’s planned sale of one of its largest defense contractors has received interest from more than 20 Israeli and foreign entities, the country’s privatization chief said on Wednesday, Reuters reported.
2 min read · 29 April 2015
London Stock Exchange Group Plc is in talks with at least six parties interested in buying Russell Investment Management, the investment arm of LSE-owned Frank Russell Co, the Financial Times reported, citing people close to the process, according to Reuters.
1 min read · 29 April 2015
Armtec Infrastructure Inc (TSX: ARF) has agreed to sell substantially all of its assets to the private equity group of Brookfield Asset Management for an undisclosed amount. The deal follows the completion of a sale and investment solicitation process commenced in February by Armtec, a Guelph, Ontario-based manufacturer of infrastructure products and engineered construction solutions. Armtec also announced that it has obtained a court order giving it protection pursuant to the Companies Creditors Arrangement Act in order to facilitate approval of the Brookfield deal, which is expected to close in June. Armtec's on-going operations will be funded by a $30 million debtor-in-possession facility provided by Brookfield.
6 min read · 29 April 2015
Carlyle Group LP reported a 13 percent year-on-year drop in first-quarter profit, as it was asked to pay $112 million in a French tax court case involving one of its real estate funds, yet it still beat most analysts’ expectations on performance, Reuters reported.
2 min read · 29 April 2015
StorageVault Canada Inc has closed the first tranche of its previously announced $51.3 million purchase of assets of Access Self Storage Inc and Cubeit Portable Storage Canada Inc. In the first tranche of the deal, StorageVault acquired four self-storage locations and the entire Cubeit portable storage business for about $26.5 million. The second tranche is expected to close in October. The Regina, Saskatchewan-based StorageVault owns and operates storage facilities across Canada. It is backed by funds managed by Canadian private equity and venture capital firm PFM Capital.
9 min read · 29 April 2015
The Canada Pension Plan Investment Board (CPPIB) has appointed Patrice Walch-Watson as its senior managing director-general counsel and corporate secretary, and as a member of CPPIB's senior management team. Walch-Watson was previously a partner at Canadian law firm Torys LLP. CPPIB said she will manage its legal department in a period in which the pension fund manager's activity is expected to expand into new markets and sectors.
2 min read · 28 April 2015
Canadian retailer Hudson's Bay Co (HBC) is interested in acquiring German department store chain Kaufhof, sources told Reuters. Talks with German retailer Metro, which owns Kaufhof, were said to be at an early stage. HBC's leading investors include affiliates of NRDC Equity Partners, the Ontario Teachers’ Pension Plan and Abu Dhabi Investment Council.
1 min read · 28 April 2015
