Canada

SNC-Lavalin to sell 407 International stake to CPPIB for $3.25 bln

SNC-Lavalin Group Inc (TSX: SNC) said it will proceed with the sale of a 10.01 percent stake in 407 International Inc, a Woodbridge, Ontario-based holder of a concession over 407 Express Toll Route (407 ETR), to Canada Pension Plan Investment Board (CPPIB). The deal, valued at $3.25 billion, is expected to close this month. It follows the dismissal by an Ontario court of an application by Ferrovial SA concerning its right of first refusal with respect to SNC-Lavalin's original sales agreement with OMERS Infrastructure. The agreement was cancelled in May. If the court decision is reversed, CPPIB, which holds 40 percent of 407 ETR, and Ferrovial, which holds 43.23 percent, agreed the sale to CPPIB will stand and that ownership stakes will be adjusted.

BlueDot nabs $9.2 mln in Series A led by The Co-operators, BDC

Toronto-based digital health company BlueDot has secured about $9.2 million (US$7 million) in a Series A financing, bringing total funding to about $12.6 million (US$9.5 million). The round was led by The Co-operators, a Canadian insurance and financial services co-operative, and BDC Capital’s Women in Technology Venture Fund. They were joined by existing investor Horizon Ventures. Founded in 2013 by CEO Kamran Khan, BlueDot applies human- and artificial intelligence-enabled analytics to big data to track, contextualize and anticipate infectious diseases worldwide. The company will use the funds raised to develop its product suite, grow sales and commercialization efforts, and expand into new markets.

Newly formed, Rubicon-backed Uplight acquires Ecotagious

Uplight has acquired Ecotagious, a Vancouver-based energy analytics and home energy management technology company. No financial terms were disclosed. Founded in 2010, Ecotagious uses smart metre disaggregation, machine learning and behavioural science to help utilities give personalized, appliance-level insights to their residential customers. Boulder, Colorado-based Uplight provides customer experience and engagement solutions to the utility industry. It was formed earlier in 2019 with the merger of Simple Energy and Tendril, a portfolio company of Rubicon Technology Partners. Following the merger, Rubicon, a U.S. enterprise software private equity firm, remained Uplight's majority investor.

Clearspring, CDPQ, Desjardins back Telecon's buy of TRJ Telecom

Telecon has acquired TRJ Telecom, an Anjou, Québec-based provider of turnkey solutions and services for the design, deployment, modernization and maintenance of fibre-optic and coaxial networks in Québec and Ontario. Terms weren't released for the acquisition, which includes TRJ Telecom affiliate Telefil. Equity financing was provided by a group of investors that included Clearspring Capital Partners, Caisse de dépôt et placement du Québec and Desjardins Capital. Telecon, a Montréal-based provider of telecommunications network infrastructure services, said the deal strengthens its position in the Canadian market. Two years ago, Clearspring, a Canadian mid-market private equity firm, led a $70 million financing of Telecon.

CIBC Innovation Banking lends $10 mln to Georgian-backed Stratifyd

CIBC Innovation Banking has provided US$10 million of debt financing to Stratifyd, a Charlotte, North Carolina-based end-to-end customer analytics platform. The funds raised will be used to support the company's growth. Founded in 2015, Stratifyd provides artificial intelligence-enabled technology to help enterprises generate insights that lead to customer retention, improved products and services, and greater revenue. Last year, Stratifyd secured US$25 million in a Series B financing led by Canadian growth equity firm Georgian Partners. CIBC Innovation Banking is the technology lending arm of Canadian bank CIBC.

Canopy Rivers-backed TerrAscend to acquire Ilera Healthcare

TerrAscend Corp has agreed to acquire Ilera Healthcare, a Plymouth Meeting, Pennsylvania-based medical cannabis cultivator, processor and dispensary operator. In a separate release, TerrAscend, a Toronto-based cannabis business, said the total consideration of the cash-and-stock deal is between US$125 million and US$225 million. It is targeted to close in Q4 2019. In May, TerrAscend completed a private placement, raising about $70 million (US$52 million). The proceeds were intended in part to back the company's U.S. acquisition strategy. TerrAscend is a portfolio company of Canopy Rivers, the venture capital arm of Canadian cannabis producer Canopy Growth Corp.

CDPQ, Fengate up investment in eStruxture's growth strategy

Caisse de dépôt et placement du Québec (CDPQ) and Fengate Asset Management have made an additional investment in eStruxture Data Centers Inc, a Montréal-based provider of network and cloud-neutral data centre solutions. Terms weren't released for the deal, which will support eStruxture's growth strategy, focused on acquisitions, the expansion of existing data centres, and the construction of new data centres. The proceeds enabled the company's purchase of the assets of the Calgary-1 data centre from Shaw Communications Inc, announced this month. Launched in 2017, eStruxture today serves more than 900 customers. CDPQ first invested two years ago, while Fengate joined as a co-lead investor in 2018.

Catalyst increases HBC share purchase offer to up to $200 mln

Catalyst Capital Group has amended its cash offer to buy common shares of Canadian retailer Hudson's Bay Co (TSX: HBC) at a price of $10.11 per unit. Catalyst increased the maximum number of shares to be acquired to 19.8 million, or about 10.75 percent of issued and outstanding shares. The amended offer reflects a total value of $200 million. Last month, the Canadian private equity firm offered to buy up to 14.8 million shares, reflecting a value of $150 million. Catalyst is taking the step to block the proposed $1.74 billion take-private acquisition of Hudson's Bay, announced in June. It said the proposal undervalues the business and is detrimental to minority shareholders.

Brookfield offers to buy Australia's Aveo for $859 mln: Reuters

Brookfield Asset Management has offered to acquire Aveo Group Ltd, a Sydney, Australia-based retirement-home operator, for A$1.27 billion (US$859.4 million) in cash, according to a report by Reuters. Aveo, which in July said Brookfield was the preferred party in the company's strategic review process, disclosed the offer this week. The deal would give Brookfield a sizeable chunk of Australia’s aged-care industry, which has seen its valuations slide to attractive levels in the wake of a public inquiry into mistreatment and abuse of residents in facilities, Reuters said.

BC Partners and OTPP-backed GFL buys Alpine's solid waste unit

GFL Environmental Inc, a Toronto-based waste management company, has acquired the Vancouver Island solid waste operations of Evergreen Industries Ltd, an affiliate of Victoria-based Alpine Group. No financial terms were disclosed. Alpine's operations on Vancouver Island include solid waste and recycling collection and hauling, storage container rentals, as well as recyclable materials drop-off and sorting centres in Victoria and Nanaimo. GFL was recapitalized last year by an investor group led by BC Partners, Ontario Teachers’ Pension Plan (OTPP) and others in a $5.1 billion deal. In July, the company filed for an initial public offering in Canada and the United States.