Private Equity
Australia’s Jervois Mining Ltd has bought almost 5 percent of shares in eCobalt Solutions Inc, which is developing a high grade cobalt mine in the United States, days after two of its biggest shareholders called for management overhaul, Reuters reported. Vancouver-based eCobalt owns 100 percent of the Idaho Cobalt project, a high grade cobalt deposit with a partially completed mine site and mill. Australia-based hedge funds Tribeca Investment Partners and Regal Funds Management last week called for management change at eCobalt or the launch of a sales process, saying ongoing mine development delays were wasting a windfall from high battery sector demand.
2 min read · 30 July 2018
Public Sector Pension Investment Board (PSP Investments) has hired Eduard van Gelderen as a senior vice president and CIO. Van Gelderen will lead PSP's total fund strategy group, overseeing multi-asset class investment strategies and total fund allocations and exposures in terms of asset classes, geographies and sectors. Van Gelderen joins PSP from the University of California (UC), where he was a senior managing director at the Office of the Chief Investment Officer. He previously held top executive positions at several European institutions, including APG Asset Management and ING Investment Management.
3 min read · 30 July 2018
Chesapeake Energy Corp plans to sell all of its Ohio natural gas acreage to privately owned Encino Acquisition Partners (EAP) for about US$2 billion, Reuters reported. The sale to Houston-based EAP includes 320,000 net acres in Ohio’s Utica shale and 920 wells that currently produce about 107,000 barrels of oil equivalent per day. EAP is backed by the Canada Pension Plan Investment Board and Encino Energy Ltd. The deal is expected to close in Q4 2018. Last year, CPPIB said it would invest up to US$1 billion to buy oil and gas assets in the United States through the partnership with Encino Energy.
3 min read · 27 July 2018
Laricina Energy Ltd, a Calgary-based development-stage oil sands company, has entered into a pre-acquisition agreement with Canadian Natural Resources Ltd. Canadian Natural, a Calgary-based senior oil and natural gas producer, agreed to buy Laricina's issued and outstanding common shares for $0.0815 per unit. It also agreed to assume up to $48 million of the company's debt. Canada Pension Plan Investment Board and CPPIB Credit Investments agreed to tender their shares to the offer. CPPIB, which has backed Laricina since 2010, and its credit affiliate hold an 88.6 percent interest in the company. The deal is the result of a strategic review launched by Laricina in February.
6 min read · 27 July 2018
Antin Infrastructure Partners has acquired FirstLight, a U.S. provider of fibre-optic data, internet, data centre, cloud and voice services to enterprise and carrier customers. Terms weren't disclosed. The sellers were Oak Hill Capital Partners, Novacap and Riverside Partners. Last year, Albany, New York-based FirstLight was merged with Oxford Networks, a portfolio company of Canadian private equity firm Novacap and Bank Street Capital Partners. Novacap, which acquired a majority stake in Oxford in 2014, sold the business to Oak Hill and invested in FirstLight.
4 min read · 27 July 2018
Thomson Reuters Corp’s Financial and Risk unit, in which U.S. private equity firm Blackstone Group is buying a majority stake, will be renamed Refinitiv once the deal closes, the company said in a statement on Friday. The Thomson Reuters unit provides information and related services to financial services professionals. David Craig, current head of Financial and Risk, will be CEO of Refinitiv, Thomson Reuters said. The US$20 billion deal is expected to close this year.
1 min read · 27 July 2018
AGT Food and Ingredients Inc (TSX: AGT), a Regina-based supplier of pulses, staple foods and food ingredients, has received a non-binding proposal from management team members to take the company private. The group, led by President and CEO Murad Al-Katib, proposes to acquire AGT common shares not held by it and other shareholders for $18 in cash per unit. The Globe and Mail reports AGT has a market value of $319 million. Fairfax Financial Holdings and Point North Capital, which invested in the company last year, will retain their equity interests. Fairfax agreed to provide financing to the deal. AGT said its board will set up a committee to consider and respond to the proposal.
4 min read · 26 July 2018
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
The auction of Johnson Controls International Plc's power solutions business has entered the final stretch, with three Canadian funds among the bidders, according to a report by Bloomberg. Sources told Bloomberg that Brookfield Asset Management is among the investors making a final offer. Additionally, a consortium of Onex Corp and Canadian Pension Plan Investment Board is said to be weighing a bid. Cork, Ireland-based Johnson Controls, a leading automotive battery producer, said in March it was exploring options for the business. Bloomberg said a sale could fetch more than US$12 billion.
1 min read · 26 July 2018
Peeks Social Ltd (TSX-V: PEEK), a Toronto-based video streaming monetization platform, has secured a $10 million financing commitment. The commitment was made by a fund of Global Emerging Markets (GEM), a U.S. private equity firm. The deal entitles Peeks to issue GEM common shares over two years through one or more private placements. It agreed to an initial investment of $1.5 million. The company will use the proceeds for product marketing and advancement, working capital, and other priorities. Founded in 2011, Peeks was formerly known as Keek Inc.
4 min read · 26 July 2018
