Canadian gaming company The Stars Group Inc said it had agreed to buy Sky Betting and Gaming from owners European private equity firm CVC Capital Partners and Sky Plc, in a deal worth US$4.7 billion, Reuters reported. It had been expected that CVC, 80 percent owner of the online betting site Sky Bet, would list the company publicly. But Toronto-based The Stars Group announced a deal that it said would create the world’s largest publicly-listed online gaming business. The deal comprises US$3.6 billion in cash and the rest in newly-issued shares.
Canadian waste management company GFL Environmental Inc said this week a group of investors led by U.K.-based BC Partners, Ontario Teachers’ Pension Plan and others will provide new funding, giving GFL an enterprise value of $5.13 billion, Reuters reported. GFL, whose ‘Green for Life’ slogan is seen across major Canadian cities, said its current CEO Patrick Dovigi will remain in the role. Dovigi will also maintain his ownership in the company, while the new investors will acquire the interests of current partners including U.S.-based HPS Investment Partners, Australia’s Macquarie Infrastructure Partners III and Canada’s Hawthorn Equity Partners.
The private equity funds of Blackstone (BX.N) and Apollo (APO.N) are the only two bidders left in the sale of Spanish gaming hall operator Cirsa, raising doubts about whether the sale will go ahead, Reuters reported.
JPMorgan Chase & Co has tested a new blockchain platform for issuing financial instruments with the National Bank of Canada and other large firms, seeking to streamline origination, settlement, interest rate payments and other processes, Reuters reported. The test this week mirrored the Canadian bank’s US$150 million offering of a one-year floating-rate Yankee certificate of deposit. The platform was built over more than a year using Quorum, a type of open-source blockchain that JPMorgan has developed in-house and is in discussions to spin off.
Brazil’s state-controlled oil company Petroleo Brasileiro SA this week received three binding bids for its gas pipeline network company Transportadora Associada de Gás SA (TAG), sources told Reuters. The bidding groups include one led by Australia’s Macquarie Group and joined by Canada Pension Plan Investment Board, among others. All bids were higher than the US$5.2 billion Brookfield Asset Management paid in 2016 for another gas pipeline unit sold by Petrobras. Some of the proposals could be above US$7 billion.
The venture capital firm aiming to bring more U.S. startups to Russia has raised a $200 million fund, hoping to use the fresh pool of money to help Silicon Valley companies deliver their services to Russia’s biggest corporations and its millions of consumers.
Caisse de dépôt et placement du Québec held a 7.8 percent stake in Kinder Morgan Canada Ltd at the end of last year, according to its annual report, making it the largest independent shareholder of the pipeline company at the centre of a contentious expansion project, Reuters reported. The Caisse said it acquired the stake in the period following Kinder Morgan Canada’s initial public offering last May and before it announced plans to reduce its carbon footprint by 25 percent per dollar invested last October. Kinder Morgan is at the centre of an escalating crisis over a planned $7.4 billion Trans Mountain oil pipeline project that will almost triple the capacity of its line from Alberta to British Columbia.
GrafTech International Ltd raised US$525 million in its U.S. initial public offering on Wednesday, a source familiar with the matter said, netting owner Brookfield Asset Management a smaller-than-expected windfall, Reuters reported. GrafTech manufactures graphite electrodes used in the production of steel. The underwhelming IPO investor reception illustrates that concerns about the volatility of its business persist. Brookfield acquired GrafTech for around US$1.3 billion, including debt, in 2015, and will receive all of the net proceeds from the IPO.
Bankrupt department store chain Bon-Ton Stores Inc (BONTQ.PK) said on Tuesday it received a winning bid from a joint venture, including Great American Group and Tiger Capital Group, to wind down its operations, Reuters reported.
U.S. activist hedge fund Blue Harbour Group LP CEO Cliff Robbins told a conference in New York this week that Canadian business information management software company Open Text Corp could be acquired, Reuters reported. “There is potential for a strategic sale down the road,” Robbins said, adding that there has been significant consolidation in the software sector. Blue Harbour owns a 3.49 percent stake in Waterloo-based Open Text.
Westinghouse Electric, which filed for bankruptcy last year, is now “lean and mean and ready to get to work” on its projects to build nuclear reactors in India, U.S. energy secretary Rick Perry said this week. The show of support by Perry came after Pittsburgh-based Westinghouse’s bankruptcy filing had raised doubts about the proposed construction of six nuclear reactors in India’s Andhra Pradesh state. Westinghouse, owned by Japan’s Toshiba Corp which is to be bought by a unit of Canada’s Brookfield Asset Management, is one of the world’s leading suppliers of nuclear fuel and provides some form of service to 80 percent of the world’s 450 commercial reactors.
French healthcare group Sanofi (SASY.PA) is in exclusive talks to sell its Zentiva European generics drugs arm to private equity firm Advent International for 1.9 billion euros ($2.4 billion), the companies said on Tuesday.
U.S. private equity firm Vista Equity Partners Management has agreed to merge two U.S. education technology companies it owns, PowerSchool and PeopleAdmin, with an investment from Canadian buyout firm Onex Corp, valuing the combined business at close to US$3 billion, including debt, sources told Reuters. The deal represents Onex’s biggest investment in the education software sector to date. Last year it hired Laurence Goldberg, a former head of Barclays Plc’s technology, media and telecom investing banking business, to find more such deals.
The Canadian government is looking into complaints that Restaurant Brands International Inc is not meeting the terms set out by Ottawa when it allowed the takeover of coffee and doughnut chain Tim Hortons, Reuters reported. Lawyers representing Tim Hortons franchisees sent a letter to Innovation Minister Navdeep Bains this month alleging the company has not lived up to commitments including maintaining the rent and royalty structure of Canadian franchises. Restaurant Brands was formed in 2014 when 3G Capital-backed Burger King acquired Tim Hortons for $12.6 billion.
Vancouver’s Enterra Feed Corp, one of an emerging crop of insect growers, processes bugs into protein-rich food for fish, poultry – even pets, Reuters reported. The company is part of a small but growing insect farming sector that has captured attention and investments from some heavyweights in the US$400 billion-a-year animal feed business, including U.S. agricultural powerhouse Cargill Inc. Enterra’s backers include Calgary-based venture capital firm Avrio Capital and U.K.-based Wheat Sheaf.
Gases groups Linde and Praxair have picked second-round bidders for a package of planned divestitures to facilitate their planned US$79 billion merger, sources told Reuters. The companies have invited buyout firm CVC Capital Partners, which has tied up with gases group Messer, to make further bids, as well as private equity investors Carlyle Group, Onex Corp and Blackstone Group, the sources said, adding that the investors are expected to bid for all assets on offer.
Macquarie picked three suitors for a final bidding round for the sale of German metering group Techem, which may be valued at around 4 billion euros (US$4.9 billion), sources told Reuters. A consortium comprising buyout firm CVC Capital Partners, Canada Pension Plan Investment Board and Government of Singapore Investment Corp (GIC) as well as another group that includes Ontario Teachers’ Pension Plan and Caisse de dépôt et placement du Québec and Partners Group has prevailed in the auction, the sources said. Separately, buyout firm Silver Lake Partners is still competing for the asset.