BayBridge Seniors Housing Inc, owned by the Ontario Teachers' Pension Plan Board, is taking luxury senior homes operator Amica Mature Lifestyles Inc (ACC.TO) private for $578 million, Reuters reported. Vancouver-based Amica has 26 luxury seniors residential properties across Ontario, British Columbia and Alberta.
German insurer Allianz SE has joined Borealis Infrastructure, which manages investments for the Ontario Municipal Employees Retirement System, to explore a bid for London City Airport, a source told Reuters. The estimated US$3.08 billion opportunity has also attracted a bid from a consortium that includes Ontario Teachers' Pension Plan, a recent report said.
Brookfield Asset Management made its first significant investment in Indian infrastructure, buying six road and three power projects from Gammon Infrastructure Projects Ltd, Reuters reported. A consortium of Brookfield and Core Infrastructure India Fund are buying the projects in a deal that includes a US$85 million cash payment and future undisclosed sums based on performance.
A half dozen groups of investors from four continents have placed indicative bids for an electricity transmitter in Australia's most populous state, a source told Reuters, a milestone in a record US$12 billion privatization sale. The Caisse de dépôt et placement du Québec, Borealis Infrastructure, and Canada Pension Plan Investment Board are said to have joined consortia bidding for TransGrid and other assets.
Canadian oil and gas producer Encana Corp said it will sell its Haynesville natural gas assets in northern Louisiana for US$850 million to GEP Haynesville LLC, Reuters reported. GEP Haynesville is a joint venture between GeoSouthern Haynesville LP and funds managed by GSO Capital Partners LP, a credit-focused unit of U.S. private equity firm Blackstone Group.
U.S. private equity firm Crestview Partners stands to make a bundle on this week’s sale of Canadian auto parts maker Stackpole International, according to a source with knowledge of the matter. Hong Kong’s Johnson Electric Holdings announced that it will pay up to $867 million for Stackpole, which will give Crestview a more than 30 percent internal rate of return, the source said.
With a sinking oil price driving Canadian energy shares to decade lows, activist hedge funds are pushing hard for companies to look at mergers and acquisitions or asset sales to curb costs and help the funds reduce their own investment losses, Reuters reported. U.S. hedge funds FrontFour Capital, Orange Capital and Livermore Partners, as well as Canada's West Face Capital, have been the most active of late.
Garda World Security Corp, a security services business that provides armoured transportation and guards, is exploring a sale that could value it at more than $3 billion including debt, people familiar with the matter told Reuters. Montréal-based Garda is owned by British private equity firm Apax Partners and its founder Stéphan Crétier, which together took the company private in 2012 for $1.1 billion.
Novacap has acquired Hallcon Corp, a specialist in employee transit services, making good on a pledge to expand its pan-Canadian private equity deals through a recently opened office in Toronto. The firm announced this week that Novacap Industries IV bought Hallcon in partnership with the company’s management team, Export Development Canada, BMO Capital Partners and other investors.
U.S. luxury fashion retailer Neiman Marcus Group Inc has filed with U.S. regulators for an initial public offering, the second time in two years it has unveiled plans to go public, Reuters reported. The 100-year-old retailer was acquired by Canadian Pension Plan Investment Board and Ares Management LP for US$6 billion in October 2013.