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Duncan HoodFred Lum/The Globe and Mail

Not much happened deal-wise over the past 24 hours–it must be the weekend. After catching up on the Enbridge deal, you might want to just skip down to the bottom where you'll find a link to an interesting podcast featuring Marc Andreessen on how Facebook was mis-valued for billions less than it was worth before it went public. Crazy stuff.

DEAL OF THE DAY: Enbridge Income to buy Enbridge assets for $30.4-billion

Enbridge Inc. moved forward with a sweeping restructuring plan as it seeks to accelerate dividend growth and fund billions in new pipeline projects. The Calgary-based company said Friday that Enbridge Income Fund would buy $18.7-billion in assets, including the Canadian portion of its mainline oil-shipping network and a patchwork of regional oil sands lines, as well as some renewable energy assets. The $30.4-billion deal, known as a drop-down, includes $11.7-billion of debt associated with the assets, Enbridge said. Full story

MERGERS AND ACQUISITIONS

Stella-Jones signs agreement to acquire Ram Forest Group

Stella-Jones Inc. has signed a definitive agreement to purchase the shares of Ram Forest Group Inc. and Ramfor Lumber Inc. The signature of a non-binding letter of intent in respect of the proposed acquisition was originally reported by Stella-Jones on April 29, 2015. Press release

Almaden shareholders approve spinout of Almadex Minerals Ltd.

Shareholders at the Almaden Minerals Ltd. annual general meeting on Thursday voted 99.7 per cent in favour of approving the spin-out of Almadex Minerals Limited. Under the terms of the proposed spin-out, Almaden's current shareholders will receive one "new" share of Almaden and 0.6 of a share of Almadex in exchange for each existing share of Almaden held at the closing date of the Plan of Arrangement. Press release

INITIAL PUBLIC OFFERINGS

Mogo Finance prices IPO below range

Mogo Finance Technology Inc. has decided to drop the offering price for its upcoming initial public offering. The online lending platform re-priced its upcoming IPO at $10 a share which was below the $11 – $13 range the company had indicated earlier. Full story

PRIVATE EQUITY AND VENTURE CAPITAL

Vox Mobile Closes Strategic Round of Funding

Vox Mobile announced Friday that it has closed a $6.7-million strategic investment round led by Telsus Ventures, Mutual Capital Partners, Edison Partners and Permal Capital. The deal will fund deeper integration opportunities between the two companies' technologies and support increased solution marketing, Vox says. Press release

ANALYSIS AND INSIGHT

Marc Andreessen talks about that time Facebook almost lost 80 per cent of its value

In this podcast VC legend Marc Andreessen talks to Fortune's Dan Primack about how Facebook's valuation almost dropped from $15-billion (U.S.) to $3-billion when the 2008-09 financial crisis hit, and how a "superior analysis" by Russian investor Yuri Millner reset the valuation back to $10-billion. Interesting insight into how private companies can be misvalued by billions. Link to podcast

How Institutional investors can help build public infrastructure

Michael Sabia, chief executive officer of the Caisse de dépôt et placement du Québec, writes about the wider role that institutional investors like the Caisse can play in developing, financing and operating infrastructure assets. Full column

U.S. companies go on a European shopping spree

An interesting blog post on Pitchbook (with infographics) showing where U.S. acquirers have been buying companies in Europe. The U.K., France, Germany and the Netherlands account for more cross-border M&A activity than the rest of the continent combined. Full post

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 26/03/24 11:59pm EDT.

SymbolName% changeLast
AMM-T
Almaden Minerals Ltd
0%0.185
AMZ-X
Azucar Minerals Ltd
0%0.05
ENB-N
Enbridge Inc
+0.53%36.18
ENB-T
Enbridge Inc
+0.29%48.95
MOGO-T
Mogo Inc
+5.45%2.71
SJ-T
Stella Jones Inc
+0.36%79

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