Veresen Inc, a Calgary-based pipeline company developing the Jordan Cove liquefied natural gas facility in Oregon, has agreed to acquire Global Infrastructure Partners' half interest in the Ruby pipeline system for US$1.43 billion, Reuters reported. Upon completion of the transaction, Veresen will become Kinder Morgan Inc's equal partner in the pipeline.
The $300 million sale of Wind Mobile to a group of private equity investors will need to be followed by hefty investment and further deals before Canada`s No. 4 wireless provider poses a significant threat to its much larger competitors, Reuters reported. Wind Mobile founder Anthony Lacavera said the carrier would now focus on improving service and had no big expansion plans.
Ontario Teachers' Pension Plan is buying out co-shareholder Australian asset manager Macquarie Group Ltd in Bristol Airport, giving the Canadian institutional investor complete control of the U.K.'s ninth busiest airport, Reuters reported. Although the companies did not disclose financial terms of the deal, a source said Ontario Teachers could spend up to US$408 million to buy Macquarie European Infrastructure Fund's 50 percent stake. The deal is expected to close this month.
Globalive Capital, the investment company of Wind Mobile's founder confirmed it would buy Vimpelcom Ltd's majority stake in the young Canadian wireless company, promising a fresh boost of capital as it seeks to cement its place as a major national player, Reuters reported. The estimated $300 million deal was funded by a consortium of private equity investors including West Face Capital, Tennenbaum Capital Partners, LG Capital Investors, Serruya Private Equity and Novus Wireless Communications.
Billionaire William Ackman has signed up Allergan investors that combined own at least 35 percent of the company to call a special shareholder meeting, giving the hedge fund manager a victory in his fight to acquire the Botox maker, Reuters reported. Ackman, whose Pershing Square Capital Management is Allergan's largest shareholder with a 9.7 percent stake, has teamed up with Canada's Valeant Pharmaceuticals International Inc to pursue a hostile takeover bid for the U.S.-based Allergan.
Singapore's sovereign fund GIC is joining Canada's PSP Investments and Ontario Teachers' Pension Plan in together investing US$700 million to support the acquisition-led growth strategy of XPO Logistics Inc, Reuters reported. U.S. private equity firm Jacobs Private Equity, which is led by American businessman Bradley Jacobs, will continue to be the company's largest shareholder. Based in Greenwich, Connecticut, XPO is a provider of freight transportation services.
Canadian mid-market private equity firm EdgeStone Capital Partners is restructuring two funds to give existing investors the option of cashing out or rolling their interests into a new vehicle, three people with knowledge of the situation told peHUB. The deal is valued at around US$300 million, one of the sources said. UBS is running the process, according to two of the sources, both of whom are secondary market professionals.
Montréal-based WSP Global Inc said it would buy Balfour Beatty Plc's U.S. professional services division, Parsons Brinckerhoff, for an enterprise value of about US$1.24 billion, to increase its footprint in the U.S. transportation segment, Reuters reported. Long-time WSP investors the Caisse de dépôt et placement du Québec and Canada Pension Plan Investment Board (CPPIB) will contribute to a US$400 million private placement that is intended to help finance the deal.
Quadrangle Group, a private equity backer of small Canadian wireless provider Mobilicity, said Friday it filed a statement of claim against Industry Canada seeking $1.2 billion (US$1.1 billion) in damages, claiming negligence and breach of contract, Reuters reported.
U.S. private equity powerhouse TPG Capital is backing the global expansion plans of a Montréal-based specialist in energy efficiency. SMi-Enerpro, a division of The SM Group International (SMi), provides customized solutions for lowering energy consumption in the real estate sector. The company's goal, in short, is smarter, greener buildings that get more out of energy dollars.