Here are the top reads on deals and financial services over the last 24 hours:
Cannabis company pays executives and board US$60-million after half-billion-dollar writedown: Four weeks after reporting a writedown worth nearly US$500-million, cannabis company Tilt Holdings Inc. disclosed it paid senior executives and board members US$60-million, mostly in stock options. Massachusetts-based Tilt recorded the writedown in early May as part of its fourth-quarter earnings. The non-cash charge stemmed from goodwill impairments, and the company’s former CEO later blamed the writedown on Tilt’s accounting firm. Story (Tim Kiladze, for subscribers)
BDC launching new $250-million fund to help bring tech to conventional industries: It’s the latest move in a staged shift by the federal Crown agency in how it funds early-stage technology companies in Canada. The new fund follows the recent spinout from BDC of Framework Venture Partners and Amplitude Ventures, two private-sector firms led by some of its former venture capital partners. Story (Sean Silcoff, for subscribers)
Ottawa-backed Northleaf venture-capital fund closes at $300-million: Toronto’s Northleaf Capital Partners has closed its third Canadian venture-capital fund at $300-million, just less than a year after it was named as part of Ottawa’s Venture Capital Catalyst Initiative. Northleaf, a private-markets fund manager with more than US$12-billion under management, was revealed last June as one of five “funds of funds” that would split $350-million to entice more private capital to support the maturing Canadian startup sector. Story (Josh O’Kane, for subscribers)
Frances Donald promoted to chief economist and head of macro strategy at Manulife Asset Management: At 33 years old, that makes her the youngest woman to become a chief economist in Canada, Ms. Donald said in an interview. Being a young mother and a millennial gives Ms. Donald a unique lens through which to view a world where demographics, central bank frameworks and trade tensions are changing rapidly. Story (Alexandra Posadzki, for subscriber)
Georgian Partners seeks to raise Canada’s first $1-billion private venture fund: Georgian Partners Inc. is setting out to raise the first $1-billion private-sector venture capital fund in Canadian history. Sources in the investment community say the Toronto-based financier – which specializes in funding later-stage technology startups seeking $20-million or more in growth capital – recently told existing investors it is gearing up to launch its fifth fund, with a goal of raising US$750-million (about $1.01-billion). The firm raised its US$550-million fourth fund less than a year ago. A Georgian spokesman declined to comment. Story (Sean Silcoff, for subscribers)
Ontario government and regulatory authority developing final rules for financial planner, financial advisor regulation: The Ontario government is moving ahead with plans to crack down on people who use the title of “financial planner” or “financial adviser” when they lack qualifications. Bill 100, which received royal assent last week, requires anyone in Ontario who wants to use those titles to obtain appropriate credentials and remain in good standing. With that groundwork laid, the province’s Ministry of Finance and the Financial Services Regulatory Authority of Ontario (FSRA) are developing the final rules. Story (Clare O’Hara, for subscribers)
Should we fear market dominance by Air Canada? In a word, no. The notion that firms with large market shares hurt consumers is based on the confusion of cause and effect. Firms with significant market shares may have managed to reach their position by being efficient, by increasing the quality of their products or services, and by reducing costs and thus prices. Column (Vincent Geloso)
MORE DEALS NEWS
Algonquin Power buying Bermuda utility for US$365-million: Algonquin Power & Utilities Corp. has signed a deal to buy Ascendant Group Ltd., the parent company of Bermuda Electric Light Co., for US$365 million. Story (Canadian Press, for subscribers)
Blackstone buying U.S. warehouse properties from GLP in record US$18.7-billion deal: Blackstone Group LP is buying U.S. industrial warehouse properties from Singapore-based logistics provider GLP for US$18.7 billion, in what the companies billed as the largest private real estate transaction globally. Story (for subscribers, Reuters)
Huawei to sell undersea cable business, buyer’s exchange filing shows: China’s Huawei Technologies Co. Ltd. plans to sell its 51-per-cent stake in undersea telecommunications cable business Huawei Marine Systems Co. Ltd., according to an exchange filing from the Chinese buyer on Monday. Story (Reuters)
U.S. chip maker Cypress bought by German firm Infineon in US$10.1-billion deal: Germany’s Infineon has agreed to buy Silicon Valley-based Cypress Semiconductor for US$10-billion, in an expensive move by Europe’s largest chip maker to expand further in next-generation automobiles and Internet technologies. Story (Reuters)
Deluge of analyst reports on Uber expected after IPO quiet period: With the quiet period related to Uber Technologies’ disastrous IPO last month coming to an end, investors can expect a deluge of analyst research initiations on the ride-hailing service. Story (Reuters)
IN CASE YOU MISSED IT
Moneyball: How corporate Canada is cashing in on the Raptors’ stunning success: Industry insiders did spit takes at the price tag Bank of Nova Scotia paid to rebrand the home of the Toronto Maple Leafs and the Raptors in 2017. The naming-rights deal, which changed Air Canada Centre to Scotiabank Arena, was a whopping $800-million over 20 years. It also allowed Scotiabank to take over as the official bank of the Raptors, as soon as rival Bank of Montreal’s five-year contract with the team expired in July, 2018. Scotiabank then bestowed the title on its low-cost digital subsidiary, Tangerine Bank. Story (Susan Krashinsky-Robertson, James Bradshaw, Andrew Willis, for subscribers)
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