Private Equity
Canada’s Brookfield Asset Management launched a $685 million (US$515 million) bid for Australian retirement village owner Gateway Lifestyle Group this week, topping an earlier bid from Hometown America Corp and setting up a takeover tussle, Reuters reported. The North American pair are jostling for exposure to Australia’s wealthy and ageing population, as well as a real estate market that has until recently run strongly. Gateway shares hit their highest in a year in anticipation of a battle. Only Brookfield was granted due diligence.
2 min read · 21 June 2018
Bain Capital Private Equity is nearing a deal to buy cheerleading uniform and equipment retailer Varsity Brands for $2.5 billion, CNBC reported on Tuesday, citing sources familiar with the matter.
1 min read · 19 June 2018
Forest City Realty Trust Inc has restarted talks with Brookfield Asset Management for a takeover by the Canadian firm, Reuters reported, citing a Bloomberg story. The price under discussion is close to the range of US$25.00 to US$25.50 per share. The Cleveland-based real estate investment trust said in March it would not sell itself, following a strategic review, but agreed with activist investors to have nine directors resign and largely be replaced by independent nominees. Forest City Realty mainly focuses on office and apartment buildings in urban markets, as well as mixed-use urban developments.
1 min read · 18 June 2018
A unit of Chinese investment firm CITIC Capital Holdings Ltd said on Monday it has offered to buy U.S.-listed biotech firm China Biologic Products Holdings Inc (CBPO.O), in a deal valuing the company at $3.65 billion.
1 min read · 18 June 2018
Investors Ontario Teachers' Pension Plan and Macquarie have settled a legal dispute over Brussels Airport, allowing the sale of the transport hub to go ahead after the summer, sources told Reuters. Ontario Teachers' has given up its preemption rights over the asset and agreed to information being circulated to potential buyers of Macquarie’s stake, one source said. Ontario Teachers' bought 39 percent of Brussels Airport in 2011 and rights of first refusal on Macquarie’s stake.
2 min read · 15 June 2018
Construction company Vinci has approached investors to launch a bid for part of French airport group Aéroports de Paris, the largest of France's planned state sell-offs, sources told Reuters. The deal would see France sell all or part of its stake of 50.63 percent in the group which runs airports outside Paris and has a market cap of 19.63 billion euros (US$22.78 billion). Sources said Vinci has approached pension funds to become partners, including including Canada Pension Plan Investment Board, Ontario Municipal Employees Retirement System and Ontario Teachers’ Pension Plan.
2 min read · 15 June 2018
Canadian utility AltaGas Ltd has agreed to sell a 35 percent stake in three hydroelectric projects in Northwest British Columbia for $922 million to help fund its acquisition of U.S.-based WGL Holdings Inc, Reuters reported. The sale to a joint venture owned by Axium Infrastructure, a Canadian infrastructure investment firm, and Manulife Financial Corp is part of a plan to raise $2 billion of the $8.4 billion WGL deal. AltaGas, which will remain the majority holder of the projects, said it expected the deal to close this month. The projects include the 195-megawatt Forrest Kerr Hydroelectric Facility, the 16-megawatt Volcano Creek Hydroelectric Facility, and the 66-megawatt McLymont Creek Hydroelectric Facility.
1 min read · 13 June 2018
Brazil’s Vale this week unveiled a US$690 million financing to expand a Canadian nickel mine, agreeing to sell unmined cobalt from Voisey’s Bay as a booming electric vehicle market propels demand for the critical battery ingredient, Reuters reported. Vale said it would sell cobalt mined after 2021 as a by-product from the mine in the northern Labrador region to Wheaton Precious Metals Corp and Cobalt 27 Capital Corp in a so-called stream financing deal. Cobalt 27, a Toronto-based battery metals streaming and royalty company, is backed by Swiss mining private equity firm Pala Investments.
2 min read · 12 June 2018
Canada Pension Plan Investment Board will invest US$600 million in a unit of Jack Ma’s Ant Financial Services Group, operator of China’s biggest online payment platform, Reuters reported. CPPIB’s investment is part of Ant’s US$14 billion fundraising announced on Friday. Ant Financial, spun off from Alibaba Group Holding Ltd before the e-commerce company’s 2014 listing, has played a major role in shaping China’s financial technology landscape.
1 min read · 08 June 2018
A joint venture formalized last week by one of Brazil’s largest conglomerates and a Canadian retirement fund plans to become a major renewable power generator in Brazil, mostly through acquisitions, Reuters reported. Brazil’s Votorantim Energia, controlled by privately-held Votorantim SA, and Canada Pension Plan Investment Board (CPPIB) last week closed a deal to form a 50-50 venture to invest in renewable energy in Brazil. Among the opportunities the JV is looking at are subsidiaries that Brazil’s state-controlled power company Centrais Elétricas Brasileiras SA plans to sell.
2 min read · 05 June 2018
