Here are the top reads on deals and financial services over the last 24 hours,
Dollarama moves into Latin America with Dollarcity deal: Montreal-based Dollarama Inc. is looking abroad for its next stage growth, acquiring a 50.1 percent stake in rapidly-growing Latin American value retailer Dollarcity. Story (Alexandra Posadzki)
Morningstar names credit ratings head after DBRS acquisition, stresses Canada crucial to its growth: Morningstar Inc. is tapping the head of DBRS Ltd.’s European division to run its credit ratings arm as the investment research giant plots global growth and takes on the debt industry’s two ratings titans. In May, Morningstar announced a deal to acquire Toronto-based DBRS for US$669-million. Story (Tim Kiladze)
More loan losses predicted at annual meeting for Callidus Capital: Callidus Capital Corp. expects further losses on businesses it owns or loaned money to, a downbeat outlook for the lending company controlled by Newton Glassman as it continues to deal with an offer to take the company private. Story (Andrew Willis)
Montreal’s Alaya Care raises $51-million from Caisse, iNovia: When Adrian Schauer started his latest business, Alaya Care Inc., in 2014 his goal was to grow the software provider for home health-care agencies and then flip it to make some cash. Since then, 40-year-old Mr. Schauer has changed his mind. After seeing Canadian software startups Shopify Inc. and Lightspeed POS Inc. stay Canadian while achieving multibillion-dollar valuations, he wants Montreal-based Alaya Care to replicate that success. Story (Sean Silcoff)
Raptors co-owner Larry Tanenbaum scores big in ONroute sale: Larry Tanenbaum had more than an NBA championship to celebrate this spring. The private equity investor and co-owner of the Toronto Raptors just made a significant score with the sale of Ontario’s 23 ONroute service centres, and proved that public-private partnerships can work. Mr. Tanenbaum’s company, Kilmer Van Nostrand Co. Ltd., and a unit of Italian catering company Autogrill Group sold their joint interest in the Highway 400 and 401 pit stops to a pair of private equity funds, U.K.-based Arjun Infrastructure Partners Ltd. and Toronto-based Fengate Asset Management Ltd. Story (Andrew Willis)
Mortgage insurer Genworth studying sale of Canadian arm as Ottawa reviews takeover by Chinese firm: Mortgage insurer Genworth Financial Inc. is considering spinning out its large Canadian subsidiary after Ottawa raised national-security concerns about a sale of the entire company to a Chinese conglomerate. Early Monday, Richmond, Va.-based Genworth and its privately held suitor, China Oceanwide Holdings Group Co. Ltd., announced they have “decided to consider strategic alternatives” for Genworth MI Canada Inc. The Canadian division was partly spun out in an initial public offering in 2009, but remains controlled by the U.S. company. Story (Tim Kiladze)
MORE FINANCIAL SERVICES NEWS
Uber launching debit card program for drivers in Mexico: Uber Technologies Inc is partnering with bank BBVA and payments processor Mastercard to launch a debit card for drivers in Mexico, an Uber executive said on Tuesday, the company’s latest gambit to promote banking in a country that runs on cash. Story (Reuters)
World’s central banks tackle fast-changing financial technology with innovation hub: Central banks grappling with fast-changing financial technology and companies such as Facebook Inc. moving into finance will aim to work together more closely through an innovation hub approved on Sunday by the Bank for International Settlements (BIS). Story (Reuters)
MORE DEALS NEWS
AB InBev aims to raise up to US$9.8-billion for Asian unit in biggest IPO of 2019: Brewing giant Anheuser-Busch InBev NV (AB InBev) is seeking to raise up to US$9.8-billion by listing its Asia-Pacific business in Hong Kong, marking what would be the world’s largest initial public offering this year. Story (Reuters)
Coca-Cola gets green signal by tribunal to sell energy drink under Monster contract: An arbitration tribunal has ruled that Coca-Cola Co can sell its energy drink globally under the terms of the contract with Monster Beverage Corp, the two companies said on Monday, months after the launch of the product in Europe. Story (Reuters)
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