Canadian buyout firm Onex Corp has revived an auction for Carestream Health Inc that could value it at more than US$3 billion, including debt, and is exploring a breakup of the U.S. medical imaging company, sources told Reuters. Rochester, New York-based Carestream was formed in 2007, when Onex purchased the healthcare division of imaging company Eastman Kodak for US$2.35 billion.
Canada Pension Plan Investment Board's (CPPIB) Chief Executive Mark Wiseman will step down to take up a role with BlackRock Inc, the world's biggest asset manager, Reuters reported. Wiseman, who has transformed the Toronto-based pension fund into one of the world's most active deal-makers over the past four years, is set to step down next month. He will be replaced by Mark Machin, who heads CPPIB's international operations.
Britain's second-biggest energy supplier, SSE, is considering selling up to a third of its 50 percent stake in regional gas distribution business SGN to raise cash for shareholders or to reinvest, Reuters reported. SSE could raise around 1 billion pounds (US$1.4 billion) from its sale, based on a 20 percent premium to the regulated asset base value of SGN, analysts at Jefferies said. SGN is co-owned by two Canadian pension fund investors: Ontario Teachers' Pension Plan and Ontario Municipal Employees Retirement System (OMERS). OMERS invested via Borealis Infrastructure.
U.S. hedge fund Livermore Partners wants Entertainment One Ltd to add directors with more industry and financial expertise, the fund's top executive said, in its latest bid to spur changes at the Canadian media company, Reuters reported. The fund could also push for a share buyback if the company does not act on its demands, made in January, to slow down the pace of acquisitions and improve cash flow. Toronto-based Entertainment One, backed since last year by Canada Pension Plan Investment Board, was recently reported to be in talks to be acquired by U.K. television network ITV.
Samson Resources Corp, one of the largest energy companies to file for bankruptcy in the commodity downturn, proposed a new Chapter 11 exit plan on Tuesday that would swap ownership of the natural gas producer to banks in return for reducing debt, Reuters reported. The banks that would become the owners of Samson include the Bank of Montreal. The Tulsa, Oklahoma-based company was acquired by a group led by U.S. private equity firm Kohlberg Kravis Roberts & Co in 2011 in a buyout valued at US$7.2 billion.
Brazil's state-controlled Petróleo Brasileiro SA has entered exclusive talks with Brookfield Asset Management over the sale of natural gas pipeline unit Nova Transportadora do Sudeste SA, as part of a plan to dispose of US$15 billion of non-essential assets by year-end. Reuters reported earlier, citing sources, that Brookfield had offered 18 billion reais (US$5.2 billion) to acquire NTS, as the unit is known, trumping rival bids.
At least six offers have been submitted for France's 60 percent stake in Lyon-Saint Exupéry Airport along with three bids for a similar stake in Nice Côte D'Azur Airport, sources told Reuters. France kicked off the privatization of both airports in March as part of plans to raise cash to help meet budget deficit targets. Canadian pension funds Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan are among the many investors expected to submit bids for stakes in one or both of the airports.
Novacap, one of Canada’s oldest private equity firms, has surpassed the target set for the final close of Novacap Industries IV, raising the largest partnership in its history. Montréal-based Novacap announced on Wednesday that Fund IV secured $470 million in committed capital. That’s 11 percent more than the fund’s goal of $425 million.
U.S. private equity firm EIG Global Energy Partners said it has submitted a binding proposal to provide US$250 million debtor-in-possession (DIP) financing to Pacific Exploration & Production Corp and sponsor the company's restructuring, Reuters reported. Compared with the DIP financing proposed by Canadian private equity firm Catalyst Capital Partners last month, EIG's proposed financing had a lower equity conversion, EIG said. Toronto-based oil and gas producer Pacific Exploration said in April it had reached a deal with debt-holders, including Catalyst, to convert almost all of its debt to equity.
Swiss commodity trader and miner Glencore is in talks to sell a further 9.9 percent stake in its agricultural unit, negotiating with bidders that missed out on the 40 percent sold to Canada Pension Plan Investment Board, sources told Reuters. Bidders include a different Canadian pension fund, state-backed Saudi Agricultural and Livestock Investment Co and Qatar's sovereign wealth fund, the sources said. The 9.9 percent stake is valued at around US$625 million.