Bombardier Inc said that Québec's public pension fund manager is buying a 30 percent stake in its rail arm for US$1.5 billion, putting the company on stronger financial footing as it pushes to launch its long-delayed CSeries jet, Reuters reported. The cash infusion from the Caisse de dépôt et placement du Québec is the second funding deal Montréal-based Bombardier has made in recent weeks.
Tracey McVicar, recently installed as head of CAI Capital Management, is overseeing a period of change at the Canadian private equity firm, including the launch of a new fund and CAI’s first platform investment since 2013. This month the firm announced the initial close of Firethorn Capital Partners LP and its debut investment in a Canadian maker of women's clothing.
Three of Canada's largest pension fund managers have agreed to acquire Skyway Concession Company LLC, which operates the Chicago Skyway toll road, for US$2.8 billion, Reuters reported. Canada Pension Plan Investment Board, Ontario Municipal Empoyees Retirement System and Ontario Teachers' Pension Plan will each own a 33.33 percent interest in the asset.
Barrick Gold Corp said it will sell its stake in four non-core assets in Nevada for US$720 million, putting the Canadian mining business firmly on track to meet its 2015 debt-reduction target amid a multi-year slump in gold prices, Reuters reported. One of the buyers of the Nevada assets is Canadian mining-focused private equity firm Waterton Global Resource Management.
British private equity firm Hilco Capital says production at the Toronto factory of Tilley Endurables has risen since Hilco bought the Canadian hat and clothing maker this past summer. Tilley also has new leadership with the recent hire of former New Balance executive Andrew Prendergast as president and CEO.
Brazil's OAS Investimentos SA, whose parent company is under creditor protection, agreed to sell a 24.4 percent stake in Invepar to Brookfield Asset Management, a source told Reuters, in a key step aimed at staving off bankruptcy. Creditors of the parent company approved the sale under the condition that Brookfield dropped a plan to extend a debtor-in-possession loan.
The battle for Australian stevedoring and rail giant Asciano Ltd has escalated after ports business Qube Holdings Ltd made a US$6.3 billion offer that narrowly beats a rival bid from Brookfield Asset Management, Reuters reported. One of Qube's institutional partners is Canada Pension Plan Investment Board.
Brookfield Asset Management shelved a US$6.5 billion buyout agreement with Australian port and rail giant Asciano and said it will launch a formal takeover offer instead, threatening a rival proposal and raising the antitrust regulator’s role in deciding the outcome, Reuters reported. Qube Holdings Ltd and its partners bought a 20 percent stake in Asciano in October.
Canadian Natural Resources Ltd has discussed spinning off royalty assets with some pension plans and strategic buyers, sources told Reuters. The company has engaged with the Canada Pension Plan Investment Board, Ontario Teachers' Pension Plan and PrairieSky Royalty Ltd, said the sources. The value of the assets is estimated to range from $1 billion to $2.5 billion.
Australian logistics firm Qube Holdings Ltd said it and partners had bought a near 20 percent stake in freight firm Asciano Ltd, seeking to block a US$6.5 billion bid from Brookfield Asset Management, Reuters reported. Qube said it had picked up the stake with Global Infrastructure Partners and the Canada Pension Plan Investment Board.