Porter Aviation Holdings Inc, the parent of upstart Canadian carrier Porter Airlines, said it is considering selling and then leasing back the passenger terminal it operates at Toronto's Billy Bishop City Airport, Reuters reported. Once source has estimated the deal's value at US$500 million. Porter is backed by Edgestone Capital Partners, OMERS Strategic Investments, GEAMI and Dancap Private Equity.
Prestige Brands Holdings Inc , which markets and distributes healthcare and cleaning products, has won U.S. antitrust approval to buy Insight Pharmaceuticals Corp on condition that it divest a motion-sickness drug, Reuters reported. In April it was announced that Insight is being sold to Prestige by U.S. private equity firm Swander Pace Capital and Teachers' Private Capital, the investment arm of Ontario Teachers' Pension Plan for US$750 million.
Real estate investment firm DRA Advisors LLC has agreed to sell auto financier Capital Automotive LP to Brookfield Property Partners for US$4.283 billion, sources told Reuters. Capital Automotive is based in McLean, Virginia, and provides real estate finance for automotive dealers to acquire new locations and upgrade facilities. The deal is expected to close by the fourth quarter of this year.
Last week, we reported there are more private equity funds looking for capital than ever before. With this historic level of crowding in the fundraising market, peHUB's Chris Witkowsky decided to reach out to some experts and find out just how GPs can get themselves noticed.
DBRS Ltd,, a Toronto-based credit rating agency that competes with Standard & Poor's Financial Services LLC, Moody's Corp and Fitch Ratings Inc, is exploring a sale, sources told Reuters. DBRS owner Walter Schroeder has hired investment bank Perella Weinberg Partners LP to run an auction for the firm, which could fetch hundreds of millions of dollars. Private equity firms are among the parties interested, the sources said.
The acquisition of Canadian coffee and doughnut chain Tim Hortons Inc by Burger King Worldwide Inc will occur through a $12.6 billion cash-and-stock deal, Reuters reported. Burger King has secured commitments for US$12.5 billion of funding for the cash portion of the transaction. The new fast-food restaurant group, which will be majority owned by U.S. private equity firm 3G Capital, will be Canadian domiciled, with listings on both the New York Stock Exchange and the Toronto Stock Exchange.
Burger King Worldwide Inc plans to buy coffee and doughnut chain Tim Hortons Inc in a cash and stock deal to create the world's third-largest fast food restaurant group, with sales of about US$23 billion, Reuters reported. The company is to be based in Canada, its largest market. New York-based private equity firm 3G Capital, Burger King's majority owner since 2010, is expected to retain about 51 percent of the combined business.
Chevron Corp has been searching for up to US$1.5 billion of equity investment to help develop its Duvernay shale formation assets in Canada and contacted potential investors, including private equity firms, sources told Reuters. Chevron commenced an exploration program in the Duvernay in 2011 and, as of August 2014, had drilled 15 wells, completed 13 using multi-stage hydraulic fracturing, and tied in 10 wells to existing third-party processing facilities. The area is located northwest of Edmonton.
Burger King is in talks to acquire coffee and doughnut chain Tim Hortons Inc in a deal that would create a fast food powerhouse with a market capitalization of roughly US$18 billion, Reuters reported. Burger King and Tim Hortons recently confirmed their merger discussions, saying the new Canada-based business would be the world's third-largest quick service restaurant. The companies said U.S. private investment firm 3G Capital, the owner of Burger King, would continue to own the majority of the shares in the new combined entity on a pro forma basis.
Grenada's St. George’s University (SGU) was a couple of weeks ago the focus of a US$750 million control-stake transaction involving an investor group led by Canadian private equity firm Altas Partners and a fund advised by Baring Private Equity Asia. Altas partnered with OPTrust Private Markets Group in the SGU deal, which is its second since the firm's launch in 2012 by former Onex Corp managing director Andrew Sheiner. It marks an important step for an investor that has sought to blaze a new path in PE dealmaking.