Private Equity
Activist investor John Paulson’s hedge fund this week nominated eight members to Detour Gold Corp’s board and reiterated its call for a special shareholder meeting, ratcheting up pressure on the Toronto-based gold miner, Reuters reported. The hedge fund, Paulson & Co, which owns about 5.4 percent of Detour, had threatened to replace the company’s board if it did not successfully explore strategic alternatives including a sale and the appointment of a new chief executive officer. “Paulson is not advocating for a fire sale, but rather a comprehensive review of all alternatives, including a sale,” the hedge fund said in a statement.
2 min read · 26 July 2018
Chinese online group discounter Pinduoduo Inc (PDD.O) priced its U.S. initial public offering (IPO) at $19 per American depositary share (ADS), raising $1.63 billion in the second-biggest U.S. float by a Chinese firm this year, according to sources told Reuters.
2 min read · 26 July 2018
Russian state conglomerate Rostec said on Tuesday it had completed the sale of a 25.1 percent stake in Russian smartphone manufacturer YotaDevices to a consortium of companies led by Chinese investment group Trinity World Management.
1 min read · 24 July 2018
Dutch private equity group Waterland is launching the sale of Median Kliniken, Germany’s largest private-sector chain of post-acute care clinics, in a deal potentially worth more than 1 billion euros ($1.17 billion), sources told Reuters.
2 min read · 24 July 2018
Canada’s economic growth is strong and some housing market vulnerabilities have improved, but trade policy is a big risk to the outlook and the government should reform taxes to boost corporate competitiveness, the Organisation for Economic Co-operation and Development said this week. OECD said while GDP growth is projected to remain robust, with exports underpinned by strong global demand, rising rates will sap some consumer strength. The greatest risk in the outlook is trade protectionism, the OECD said, noting that uncertainty around the future of U.S. trade policy may be dampening investment. It also said U.S. corporate tax cuts have hurt Canadian competitiveness.
2 min read · 23 July 2018
U.S. private equity firm Blackstone Group has secured E.U. antitrust approval to acquire a majority stake in Thomson Reuters’ Financial and Risk unit for US$20 billion, Reuters reported, citing a European Commission statement. “The proposed transaction would raise no competition concerns given the limited market shares of the companies, the fact that a number of competitors will remain in the market post-transaction, and the fact that Blackstone accounts for only a minimal share of the demand for Thomson Reuters F&R’s products,” the Commission said.
1 min read · 23 July 2018
Private equity-backed Canadian medical marijuana company Tilray Inc rose more than 35 percent in its U.S. trading debut this week after raising about US$153 million ($202 million) in an initial public offering, Reuters reported. Tilray is the third Canadian cannabis company to list on a major U.S. exchange. Its debut values the company at about US$2 billion ($2.6 billion). Seattle-based cannabis private equity firm Privateer Holdings, which has backed Tilray since 2014, will continue to own 82 percent of the business.
2 min read · 19 July 2018
Detour Gold has asked the Ontario Securities Commission (OSC) to investigate activist investor Paulson and Co’s campaign seeking change at the company, calling it “concerning and unlawful behavior,” Reuters reported. The U.S. hedge fund, run by billionaire John Paulson, has threatened to replace the company’s board if it does not successfully explore strategic alternatives, including a sale, and look for a new CEO. It owns 5.4 percent of Detour Gold. Earlier, the hedge fund issued a press release saying Detour Gold had received a buyout offer from another gold miner, but had failed to disclose it publicly.
2 min read · 18 July 2018
A Toronto-based startup has secured US$10 million ($13 million) in funding from venture capitalists to expand its operations in the temporary tattoo business, the company’s chief executive officer said this week. The startup, Inkbox, aims to give customers “the look and feel of a permanent tattoo without the permanence,” CEO and Co-Founder Tyler Handley told Reuters. The company, which was founded in 2015 and operates in Canada and Japan, ships approximately 60,000 tattoos per month to over 150 countries, with 75 percent of its sales going to the United States. The company received its latest equity investment from a group led by U.S. venture capital firm Maveron.
2 min read · 18 July 2018
Chinese online group discounter Pinduoduo plans to raise up to $1.63 billion from a U.S. listing, its latest filing with the U.S. Securities and Exchange showed, in what would be the second-biggest U.S. float by a Chinese firm this year, Reuters reported.
2 min read · 17 July 2018
