Brookfield Asset Management has completed its previously announced buy of common shares of Brookfield Residential Properties (TSX, NYSE: BRP) that it did not already own. The deal, which had a value of US$871 million, will result in the de-listing of the firm's shares on the Toronto Stock Exchange and the New York Stock Exchange before the end of March. A land developer and homebuilder with operations in markets across North America, Brookfield Residential has its headquarters in Calgary.
4 min read · 16 March 2015
Finnish utility Fortum has agreed to sell its Swedish electricity distribution business to a consortium including Canada's Borealis Infrastructure for about 6.6 billion euros (US$6.9 billion), completing its exit from Nordic power grid assets, Reuters reported. The Borealis-led group included Swedish pension funds Forsta AP-Fonden, Tredje AP-Fonden and Folksam.
2 min read · 13 March 2015
Canadian renewable power producer BluEarth Renewables Inc has appointed David McGraw to its board of directors. McGraw is a senior vice president and CFO of Ontario Teachers' Pension Plan (OTPP). One of BluEarth's investors is Teachers’ Private Capital, the private equity investment arm of OTPP. Based in Calgary, the company is also backed by ARC Financial Corp. In November 2014, ARC and Teachers, which first invested in BluEarth in 2010, made a follow-on investment totaling $81 million.
3 min read · 13 March 2015
Canadian private equity firm Onex Corp has completed its previously announced acquisition of SIG Combibloc Group AG for €3.75 billion (US$3.98 billion). The deal, which was done in collaboration with SIG's management team, includes a contingent earn-out component. Onex's flagship partnership Onex Partners IV and co-investors made an equity commitment to the deal of about US$1.2 billion. Based in Neuhausen am Rheinfall, Switzerland, SIG is a global provider of aseptic packaging machines and cartons. It was sold to Onex by U.S. packing business Reynolds Group Holdings Ltd.
2 min read · 13 March 2015
The following bids, mergers, acquisitions and disposals were reported by Reuters and Buyouts sister publication PE HUB as of 2000 GMT on Thursday, March 12, 2015.
4 min read · 12 March 2015
Aequitas Innovations has completed a new round of capital raising ahead of the launch of its new stock exchange, which is set to begin operations this month, Reuters reported. Its new shareholders include British Columbia Investment Management Corp, fund managers Davis Rea and Invesco Canada, and U.S. private equity firm Vernon & Park Capital. The Aequitas model includes plans for a private marketplace to fund early-stage companies.
2 min read · 12 March 2015
Levy Acquisition Corp, the blank-check acquisition vehicle of Chicago restaurateur Larry Levy, said it would buy U.S. fast-food chain Del Taco Inc for about $500 million, including debt.
1 min read · 12 March 2015
Largo Resources Ltd (TSX-V: LGO) has received a $12 million non-revolving, convertible term loan facility from U.S. private equity firm Arias Resource Capital Management, an existing investor in the mining company. Proceeds of the loan will help finance development costs and general corporate purposes related to Largo's Vanadio de Maracás Menchen Mine in Brazil. Last October, Arias made a $15 million investment in the Toronto-based company, increasing its stake to up to 33.7 percent of outstanding common shares. Largo also has mining projects in Canada.
6 min read · 12 March 2015
Canadian private equity firm Onex Corp has completed its previously announced acquisition of Survitec Group Ltd for £450 million (US$673 million). Based in Southampton, United Kingdom, Survitec is a specialist in marine, defence and aerospace survival equipment. Onex said its flagship partnership, Onex Partners IV, made an investment of approximately US$335 million in deal, which was done in partnership with Survitec's management team. The company was previously owned by U.S. private equity firm Warburg Pincus.
2 min read · 12 March 2015
Canada Pension Plan Investment Board (CPPIB) has confirmed earlier reports that it was a cornerstone investor in the initial public offering (IPO) of Hong Kong Broadband Network Ltd (HKBN), a residential broadband service provider based in Hong Kong. CPPIB acquired 172.4 million shares for US$200 million, giving it about 17 percent ownership in the company. Last week, HKBN priced the IPO to raise about US$750 million. Selling shareholders included the company's private equity backers: CVC Capital Partners, an affiliate of The Carlyle Group, and Singapore's sovereign wealth fund GIC. CVC bought HKBN in 2012.
3 min read · 12 March 2015
