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Bell announces public offering to fund Q9 Networks buy: ReutersBell Canada, Canada's largest telecommunications company, announced on Tuesday a public offering of $1.5 billion of medium term notes debentures in two series, Reuters reported. The net proceeds of the offering are to be used in part to fund parent company BCE Inc's acquisition of data centre operator Q9 Networks Inc from Ontario Teachers’ Pension Plan, Providence Equity Partners and Madison Dearborn Partners. The $675 million deal was announced this week.
BCE to buy out PE co-owners of Q9 Networks for $675 mlnBCE Inc (TSX, NYSE: BCE) has agreed to acquire the equity it does not already hold in Q9 Networks Inc, a Toronto-based outsourced data centre operator. BCE, which currently owns a 35.4 percent stake in Q9, said it will pay about $675 million to Ontario Teachers' Pension Plan, Providence Equity Partners and Madison Dearborn Partners, which own the rest of the company's equity. The deal is expected to close before the end of the year. BCE, Ontario Teachers', Providence and Madison jointly bought Q9 for $1.1 billion in late 2012. BCE said its acquisition of 100 percent of the business will help it compete in the growing outsourced data services industry.
Kensington invests in White Swan, Providence and Trivest fundsKensington Private Equity Fund, managed by Kensington Capital Partners, has made three new investments. The fund invested in White Swan Environmental Ltd, a Calgary-based provider of oilfield waste management services in Alberta. No financial terms were released. The Kensington fund also made undisclosed commitments to the second fund of Providence Strategic Growth, an affiliate of U.S. private equity firm Providence Equity Partners, and Trivest Growth Investment Fund, the eleventh fund of U.S. private equity firm Trivest Partners. The latter closed at US$225 million in July. Toronto-based Kensington is an alternative assets investor.
- J.F. Lehman makes Shor an MD
J.F. Lehman & Company said July 26 that Glenn M. Shor had been promoted to Managing Director. David F. Thomas was also named Vice President while R. Benjamin ("Ben") Hatcher was appointed a Senior Associate.
- PE-backed edtech company Blackboard appoints Mayr as CFO
Blackboard Inc, a portfolio company of Providence Equity Partners, has named Lisa Mayr as chief financial officer. Previously, Mayr was interim CFO and joined the company in July 2013 as a vice president of finance. Based in Washington, D.C., Blackboard is an education tech company.
PE HUB First ReadFirst Read kicks off the mid-week with news that Samsung will unveil the much anticipated Galaxy Note 7 next month, Twitter inks deal with Bloomberg to live stream financial news and Google has aqui-hired the team behind Kifi.
- TDC receives takeover approach, shares jump: Reuters
Shares in Danish telecoms company TDC (TDC.CO) jumped more than 10 percent on Friday after it said it had rejected a potential takeover approach believed to be from private equity firm Apollo Global Management (APO.N).
- PE-backed Blackboard to acquire Higher One for about $260 mln
Blackboard Inc, a portfolio company of Providence Equity Partners, has agreed to buy New Haven, Connecticut-based Higher One Holdings Inc, a provider of online tuition payment solutions. The value of the transaction is about $260 million or $5.15 per share.