The first takeover launched by a Canadian special purpose acquisition corporation, or SPAC, was cancelled Wednesday, as Infor Acquisition Corp. called off plans to merge with lease finance company ECN Capital Corp.
Infor is a $220-million SPAC that was created in 2015 and the company announced plans in July to merge with ECN Capital, which was being spun out of Element Financial Corp. ECN Capital agreed to the merger as a cost-effective way to raise capital that the newly launched company planned to use for acquisitions.
Infor and ECN Capital said Wednesday the decision to terminate their transaction was mutual, and driven by the fact that Infor shareholders were unlikely to approve the transaction at a vote scheduled for Oct. 24. Story
DAILY DEALS
Canada's WSP Global Inc. is buying U.K.-based engineering consulting firm Mouchel Consulting for $120.4-million. WSP provides engineering and other professional services to various industries, with about 34,000 employees in 500 offices across 40 countries. Story
Stanley Black & Decker Inc. is buying Newell Brands Inc.'s tools business for about $1.95-billion. Story
ON THE MOVE
Tim Wiggan, who has led TD Asset Management since 2013, is heading back to TD Securities, where he will run equities. He takes the seat vacated by Robbie Pryde, who was named Tuesday as the bank's next head of corporate and investment banking, starting November 1. Story
ICYMI
Rachelle Younglai on why CIBC and RBC were hired at the 11th hour for the Potash-Agrium megadeal. Story
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