Web hosting company GoDaddy Inc has priced its initial public offering at $20 per share, above its previously indicated $17 to $19 per share range, valuing it at around $4.5 billion, including debt, underwriting sources told Reuters.
2 min read · 01 April 2015
Asia-focused bank Standard Chartered Plc said senior executive Viswanathan Shankar has resigned as chief executive of Europe, Middle East, Africa and Americas, and will now look at setting up a private equity firm, Reuters reported.
2 min read · 01 April 2015
The Ontario Teachers' Pension Plan , one of Canada's biggest investors, said it is actively scouting for energy assets as it looks to trim positions in oil and gas derivatives and invest instead directly in producing assets, Reuters reported. Earlier this month, the pension plan bought a working interest in the Weyburn Unit, a Saskatchewan-based oil asset, for $153.4 million.
2 min read · 01 April 2015
Cable and Wireless Communications Plc has completed its buy of Columbus International Inc, a diversified telecommunications company based in Barbados. The previously announced acquisition had a US$3.025 billion value, of which US$1.85 billion was the equity portion. As reported by peHUB Canada earlier this month, the deal provides an exit to the first fund of Portland Private Equity, a firm led by Canadian billionaire Michael Lee-Chin. Lee-Chin said the fund earned a 5.2x multiple on its investment. Portland is currently marketing its second fund, Portland Caribbean Fund II, which is targeted to raised US$300 million to invest in growth opportunities in the Caribbean Basin.
4 min read · 31 March 2015
The Ontario Teachers' Pension Plan (OTPP) had a rate of return on investments of 11.8 percent at the end of 2014, increasing its net assets to a record $154.5 billion from $140.8 billion at the end of 2013. The Toronto-based pension fund, which manages the retirement savings of Ontario teachers, also reported a 10.2 percent annualized return since its inception in 1990. Investments by Teachers' Private Capital, OTPP's private equity investment subsidiary, also rose to $21 billion last year in part due to 13 new direct investments. Teachers' Private Capital showed a return of 22 percent, above its benchmark of 16.3 percent.
4 min read · 31 March 2015
The Canada Pension Plan Investment Board (CPPIB) and Hermes Infrastructure said they will buy a stake of at least 30 percent in Associated British Ports (ABP) for about $2.9 billion, Reuters reported. CPPIB and Hermes will acquire the stake from GS Infrastructure Partners and Infracapital. Borealis Infrastructure, which invested in ABP in 2006, will remain a shareholder.
2 min read · 31 March 2015
Canadian financial technology business D+H Corp (TSX: DH) has agreed to acquire Fundtech Ltd for about US$1.25 billion in cash. Based in New York, Fundtech is a provider of transaction banking software and services to financial institutions and corporations. The seller in the deal is U.S. private equity firm GTCR, which in November 2011 bought Fundtech for about US$390 million. In a statement, the Toronto-based D+H said the acquisition will solidify its position in the financial technology market with an expansion into payments and create new opportunities in the United States and other countries. The deal is expected to close in the second quarter of 2015.
4 min read · 31 March 2015
Ivanhoé Cambridge and its partner Callahan Capital Properties have bought a 40 percent interest in 515 North State, an office property in downtown Chicago. The transaction, which was completed as a joint venture with affiliates of Beacon Capital Partners, a U.S. private real estate investment firm, was priced at US$55 million. Ivanhoé Cambridge is the real estate investment arm of the Caisse de dépôt et placement du Québec.
3 min read · 30 March 2015
Amaya Gaming Group Inc has agreed to sell its Cadillac Jack subsidiary that makes slot machines and electronic bingo games for casinos to an affiliate of U.S. private equity firm Apollo Global Management for $476 million, Reuters reported. Montréal-based Amaya, which is pivoting to focus on the fast-growing online gambling market, said the deal is expected to close this year.
2 min read · 30 March 2015
Neil Petroff, the executive vice president and CIO of Ontario Teachers' Pension Plan, has decided to retire effective on June 1, 2015. A former financial services professional, Petroff joined Ontario Teachers in 1993 and assumed his current responsibilities in 2009. The Toronto-based pension fund manager said an internal and external search will be undertaken to find a successor. Ron Mock became president and CEO of Ontario Teachers in May 2013.
2 min read · 30 March 2015
