Czech gas pipeline operator Net4Gas is in the final stages of overhauling its capital structure with equity financing, bonds and bank loans, Reuters reported. Investors Allianz and Borealis Infrastructure bought into the pipeline company last year, paying German utility RWE US$2.15 billion, and have taken advantage of favourable debt markets to seek better terms for the company's capital structure. Borealis is the infrastructure investment arm of the Ontario Municipal Employees Retirement System (OMERS).
The proposed management-led acquisition of Tuckamore Capital Management (TSX:TX), supported by Canadian private equity firm Birch Hill Equity Partners, has been terminated. The controversial deal, valued at around $60 million, was cancelled prior to the shareholders meeting called for July 31 to review it. Instead, U.S. investment firm Orange Capital has stepped up with $12.5 million in financing, which is intended to reduce Tuckamore's outstanding senior indebtedness. The transaction will give Orange Capital a 17 percent stake in the firm. Based in Toronto, Tuckamore is a private equity investor with holdings in seven companies.
For a private company, finding a buyer involves more than just putting the company up for sale. An auction, or other structured sale process, is a complicated undertaking that starts many months before a formal marketing process is commenced.
Canada's Ontario Teachers' Pension Plan is seeking to buy the rest of Britain's Bristol Airport in a deal worth up to US$424.6 million, a source told Reuters. The pension fund, which already owns 49 percent of the regional airport, has the right of first offer for the 50 percent owned by Australian asset manager Macquarie Group. Ontario Teachers is eyeing the stake as it seeks to expand its infrastructure holdings from US$12 billion to around US$18 billion.
Canadian alternative assets manager Brookfield Asset Management has acquired 611,220 shares of Wilmington Capital Management Inc for a consideration of $2,298,187. The transaction increases Brookfield's stake in Wilmington to a total of 1,286,220 shares, representing approximately 17 percent of total issued and outstanding shares. Based in Calgary, Wilmington is an investment firm that emphasizes activity in real estate and energy sectors. Update: It holds a 50 percent interest in Canadian energy-focused private equity investor Network Capital Management.
Astorg Partners is planning on acquiring a majority stake in CDS Topco from an investor group led by Providence Equity Partners. No financial terms were disclosed, which is expected to be completed in the third quarter of this year. Deutsche Bank and BNP Paribas advised Providence on the transaction while Emendo Capital advised Astorg. As a result of the deal. Providence and Airbridge Investments B.V will retain "significant' minority stakes in CDS, which operates under the name M7. Headquartered in Luxembourg, M7 is a provider of DTH satellite services.
Thoma Bravo said Monday that it has closed its buy of Sparta Systems. No financial terms were disclosed. Summit Partners and Altaris Capital Partners were the sellers. Lazard was the financial adviser on the transaction. Headquartered in Hamilton, NJ, Sparta Systems is a provider of enterprise quality management solutions.
Chicago-based enterprise analytics provider Mattersight Corp. has agreed to raise about $12 million in a private placement. According to terms of the agreement, Mattersight Corp. will sell over 2.89 million shares of its stock at $4.15 per share. Craig-Hallum Capital Group was the placement agent.
Canada's Ontario Teachers' Pension Plan is seeking to buy the rest of Britain's Bristol Airport in a deal worth up to 250 million pounds ($424.6 million), a source told Reuters.
Dental Corp. has received $121 million in funding from Imperial Capital Group and OPTrust. Based in Toronto, Dental Corp. is the largest group of dental practices in Canada.