Spain's Banco Santander SA is trying to obtain regulatory approval to sell a part of its stake in a solar energy project in Nevada to two Canadian pension funds, Reuters reported, citing a Wall Street Journal story. In a new joint venture, Ontario Teachers' Pension Plan and Public Sector Pension Investment Board will each acquire a stake in Tonopah Solar Energy LLC.
Ontario Teachers Pension Plan and Public Sector Pension Investment Board (PSP Investments) are nearing a deal to acquire Loral Space & Communications Inc, Reuters reported. If the parties can reach a deal, the two pension funds will own Telesat Holdings Inc, the Canadian satellite communications company which Loral owns a 62.8 percent share of and derives almost of all its value from. A deal could be announced as soon as December.
Canadian department store operator Hudson's Bay Co outlined a US$1.25 billion refinancing plan on Monday, in a move to reduce debt taken on when it acquired U.S. rival Saks last year, Reuters reported. The retailer said it would take out a 20-year mortgage on the ground portion of its flagship Saks Fifth Avenue store in New York City. HBC was acquired by NRDC Equity Partners in 2008 and went public in late 2012.
Canadian buyout firm Onex Corp said it would buy Swiss packaging group SIG Combibloc Group AG for up to 3.57 billion euros (US$4.43 billion), Reuters reported. An additional payment of up to 175 million euros will be payable based on SIG's financial performance in 2015 and 2016, the private equity firm said. The deal is expected to close early next year.
Canadian miner Nevsun Resources Ltd said it is not aware of any bid for the company, responding to a report that mining fund QKR Corp was preparing to making a bid, Reuters reported. Bloomberg said QKR Corp, which is backed by Qatar Holding LLC and Kulczyk Investments, is close to making an offer of about US$1 billion.
Caledon Capital Management has snapped up Stephen Dowd as it newest partner. Dowd was formerly a senior vice president at Ontario Teachers' Pension Plan. Joining the pension fund in 2006, he led its infrastructure and timberlands group from 2007 to 2013. In an interview with peHUB Canada, Dowd said he hopes to apply what he learned at Ontario Teachers' to his new role at Caledon.
Canadian investment in U.S. commercial real estate is on track to hit record levels this year, once Canada's second-largest pension fund closes a US$2.25 billion deal to buy a landmark Manhattan property, Reuters reported. The deal by Ivanhoé Cambridge, the real estate arm of the Caisse de dépôt et placement du Québec, and U.S.-based Callahan Capital Properties, to buy the 42-storey 1095 Avenue of the Americas building in Manhattan from Blackstone Group has not yet closed, sources said, but a final announcement should be made in the weeks ahead.
Brookfield Asset Management Inc said it was abandoning an earlier offer to buy the shuttered Revel Casino Hotel in Atlantic City, Reuters reported. The US$110 million deal fell apart due to bondholders of ACR Energy Partners LLC and South Jersey Industries refusing to negotiate the costs related to an energy provision agreement, a source said.
Aequitas Innovations Inc, a venture backed by some of Canada's biggest financial entities, has won approval from the country's main securities regulator to launch a new stock exchange seeking to challenge TMX Group Ltd's dominant Toronto Stock Exchange, Reuters reported. The exchange, called Neo, will attempt to address high-speed trading, costly data and lack of liquidity. It also has plans for a private marketplace to fund early-stage companies.
Allergan Inc has agreed to be bought by Actavis Plc for US$66 billion, putting an end to a hostile bid by hedge fund investor William Ackman and Canada's Valeant Pharmaceuticals International Inc, Reuters reported. The deal comes after Allergan spent six months maneuvering against a takeover by Ackman's Pershing Square Capital Management and Valeant.