A Bay Street sign is seen in Toronto’s financial district.Mark Blinch
Here are the top reads,
Property transaction: Victor Dahdaleh, a British-Canadian businessman who was charged but acquitted in an international bribery case, has paid $850-million for part of an office complex in the heart of downtown Toronto. Story (Rachelle Younglai and Stephanie Chambers, for subscribers)
Shipping: Fairfax Financial Holdings Ltd. is doubling its investment in Seaspan Corp. as the container ship company seizes a bigger market share with the purchase of a Chinese fleet owner. Story (Eric Atkins, for subscribers)
FINANCIAL SERVICES WRAP
Regulators: The U.S. government has filed criminal and civil charges against a former Equifax Inc executive over alleged insider trading linked to last year's massive data breach at the credit reporting company, officials said on Wednesday. Story
Cryptocurrencies: Alphabet Inc's Google said on Wednesday it will ban advertisements for cryptocurrencies and related content starting in June. Story (for subscribers)
DEAL WRAP
Toy sector: MGA Entertainment Inc. is trying to organize a group of fellow toymakers to make a bid for the Canadian operations of Toys "R" Us Inc., the industry giant that appears to be headed toward liquidation. Story
Mining sector: First Cobalt Corp. is seeking to speed up its timetable to begin producing cobalt, riding the wave of interest in the metal used in electric-vehicle batteries and smartphones. Story
Chips sector: Singapore-based Broadcom Ltd withdrew its US$117-billion bid to acquire Qualcomm Inc on Wednesday, two days after U.S. President Donald Trump blocked the attempt citing national security concerns. Story
Fund: Cambridge Innovation Center (CIC), which provides coworking space for startups, has closed a US$58 million round of funding from European real estate developer HB Reavis (HBR). VentureBeat
Fintech: Credit Karma, the credit-checking startup that's valued at over US$3 billion, has acquired a young personal finance company, Penny, the companies tell Recode. Recode
Software sector: Luminate Capital Partners has acquired ecMarket Inc., dba Conexiom, a Vancouver-based provider of cloud-based supply chain document automation software solutions. Private Capital Journal
IN CASE YOU MISSED IT
Here is our annual Big Deals series about financing and investment banking.
Innovation: Data scientists, physicists, mathematicians and behavioural economists. Meet the new deal team. As buyout multiples have climbed and capital piles up in private investment funds, acquirers have been looking for a competitive edge in their hunt for acquisitions. For some firms, that has meant doing more advanced data analysis in an effort to better understand, value and integrate a business into their portfolio. And that is bringing computer science and M&A communities closer than ever. Story (Jacqueline Nelson, for subscribers)
Pot sector: It has been a busy six months of dealmaking for legal cannabis companies. The sector ended the last year with a bang after a quiet third quarter, as companies raised a record $900-million in equity in the last three months of 2017, according to data compiled by Canaccord Genuity Corp. Story (Christina Pellegrini, for subscribers)
Utilities: Canadian utilities and pipeline companies spent the past two years on an $80-billion shopping spree in the United States, their hunt aided by low interest rates and their own high-priced stocks. Story (Jeffrey Jones, for subscribers)
Real estate: China's restrictions on foreign real estate purchases sharply slowed Chinese investment in Canadian offices, hotels and other large properties late last year – even before Beijing's dramatic seizure of Anbang Insurance Group, whose buying spree had driven up prices. Story (Rachelle Younglai, for subscribers)
Activists: At first glance, the latest data on activist investors make no sense. On one hand, there's never been more capital deployed by sharp-elbowed fund managers in their battles against public companies. Story (Andrew Willis, for subscribers)
Deal machine: As Alberta's traditional corporate giants grapple with volatile oil and gas prices, a small but powerful company with roots in Red Deer is emerging as one of the province's future stars. In the span of three years, Parkland Fuel Corp. has become a dominant force in the retail gas market, now owning and operating more than 1,800 service stations across Canada. Story (Tim Kiladze, for subscribers)
Bought deals: Junior mining companies are increasingly turning to senior firms for capital, as traditional bought-deal financing becomes a riskier gambit in a difficult market for commodity plays. Story (Niall McGee, for subscribers)
Bonds: The maple bond market rebounded last year to levels not seen in nearly a decade, as a flurry of foreign companies tapped the Canadian-dollar debt market for cash. Story (Alexandra Posadzki, for subscribers)
Cross border: Canadian companies spent a good deal less money swallowing up foreign firms last year, but there are early hints they will be hungrier to do cross-border deals in 2018. Story (James Bradshaw, for subscribers)
The winners: Here are the Canadian Dealmakers award winners for 2017. Story
Rankings: Annual league tables for investment banking and M&A law firms Tables (for subscribers)
Deals: The largest mergers and acquisitions of 2017 Table
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