Accelerated Rehabilitation Centers, a portfolio company of OMERS Private Equity, has agreed to be acquired by Athletico Physical Therapy, which is backed by U.S. private equity firm Harvest Partners. The combination of the two therapy services platforms will create one of the largest providers operating in the U.S. Midwest, the companies said. OMERS acquired Accelerated in July 2011.
Brookfield Infrastructure is to buy a 50 percent stake in the French unit of telecoms masts group TDF for 1.78 billion euros (US$2.2 billion) alongside several partners, Reuters reported. Reuters reported earlier in the week that a deal had been agreed to sell the whole of TDF's French unit, owned by private equity firms TPG, Ardian, Charterhouse, and other investors, to a Canadian consortium for 3.5 billion euros (US$4.40 billion).
Stephen Moore, formerly a director at Alvarez & Marsal, has been hired as an investment director at Re:Capital Canada, a distressed investment platform launched in 2013 by British private equity firm Hilco Capital. His arrival comes at a time when Re:Capital Canada has been looking for new opportunities to acquire distressed debt or distressed businesses in the Canadian market.
The Canadian government has approved the sale of Wind Mobile to a private equity consortium led by founder Anthony Lacavera, Reuters reported. Industry Minister James Moore said that in order to win approval, the new owners agreed to spend heavily to buy airwaves and grow their business while keeping a suitably Canadian corporate profile.
Canadian pension fund PSP Investments and its partners have agreed to buy the French operations of telecoms masts group TDF in a deal worth about 3.5 billion euros (US$4.40 billion), sources told Reuters. The transaction will help TDF's owners - private equity funds TPG, Charterhouse, Ardian and state bank Bpifrance - to repay almost all of the group's debt. PSP's investment partners in the acquisition are said to include Brookfield Asset Management.
One Earth Farms (OEF), an agri-food enterprise backed by Canadian private equity investors Sprott Resource Corp and CAPE Fund LP, has made more acquisitions in the past few months. The deals, involving Canadian Premium Meats and Heritage Angus, appear to be in line with OEF's restructuring strategy and goal of becoming a fully integrated "farm to fork" business.
Seven Generations Energy Ltd is poised to raise $810 million via an initial public offering that priced at the lower end of a previously anticipated range, Reuters reported. The offering is set to value the company at over $5 billion. The Calgary-based company, which focuses on a liquids-rich natural gas property in northwest Alberta, is backed by Canada Pension Plan Investment Board (CPPIB) and Canadian private equity firms ARC Financial and KERN Partners, among other investors.
A consortium of two Canadian pension funds renewed its offer for satellite manufacturer Loral Space & Communications Inc, Reuters reported, citing a Wall Street Journal story. The Ontario Teachers' Pension Plan and Public Sector Pension Investment Board (PSP), recently approached Loral again about a deal, sources said. Loral's efforts to sell itself and its main asset, Telesat Holdings Inc, broke down earlier this year after the company failed to agree on a potential US$7 billion deal with the consortium.
Canada Pension Plan Investment Board (CPPIB) plans to invest about US$396 million in commercial property in Brazil, a few months after it opened an office in São Paulo, Reuters reported. The investments include the purchase of warehouses, land and stakes in development projects in the logistics and retailing industries, adding to the fund's portfolio of more than 100 properties in Latin America's largest economy.
Valeant Pharmaceuticals International Inc on Monday said in a letter to Allergan Inc's board of directors that it was prepared to raise its offer to at least US$200 per share but stopped short of doing so, Reuters reported. At US$200 per share, the offer would be worth more than US$59 billion. Canada's Valeant and hedge fund Pershing Square Capital Management launched a hostile offer for Allergan in April, but the U.S.-based Botox maker has staunchly refused it.