Duncan HoodFred Lum/The Globe and Mail
It's been an active week for deals so far, but today things slowed down pretty dramatically. Nothing big, but some interesting smaller deals, with Intel finally confirming its long-rumoured bid for Rencon and Canadian icon Harbour Air partnering with Zongshen to take on China.
DEAL OF THE DAY: Harbour Air sells 49-per-cent stake to China's Zongshen (The Globe and Mail)
The float planes that are a common sight along British Columbia's coast might soon be coming to Shanghai and other Chinese cities, as well as parts of Southeast Asia, as B.C.'s Harbour Air Group strikes a strategic partnership with a Chinese conglomerate. Harbour Air, which bills itself as the world's largest seaplane airline with 200 average daily flights, has sold a 49-per-cent stake in the company to Zongshen Industrial Group Co., Ltd., a massive industrial enterprise mainly known for its motorcycles and whose entrepreneurial founder Zuo Zongshen has various business interests in B.C. Full story
MERGERS AND ACQUISITIONS
Confirmed: Intel acquires Vancouver's Recon Instruments for $175-million (TechVibes)
The rumours were true: On Wednesday, Intel announced that they have acquired Vancouver's Recon Instruments, an intelligent wearable technology company that builds heads-up displays and other products for sports and intense environments. The terms of transaction were not announced, but sources say the acquisition price was at least $175-million. Full story
Tribute Pharmaceuticals acquires Medical Futures for $25-million (press release)
Tribute Pharmaceuticals Canada Inc., a specialty pharmaceutical company based in Milton, Ont., that develops and promotes health care products in Canada and the U.S., has acquired Medical Futures Inc. for $25-million. The acquisition further diversifies Tribute's product portfolio in Canada through the addition of 13 marketed and two pipeline products. The MFI portfolio includes products such as Durela, Proferrin and Resultz. Press release
Allergan buying Kythera for $2.1-billion, adding 'double chin' treatment to portfolio (The Globe and Mail)
Botox maker Allergan PLC. is buying Kythera Biopharmaceuticals for about $2.1-billion (U.S.), adding an injection that reduces "double chin" to its portfolio of products. The Dublin drug maker will pay $75 a share in a cash-and-stock deal for Kythera, based in Westlake Village, Calif. The deal marks a 25.5-per-cent premium over Kythera's closing stock price Tuesday. Full story
INITIAL PUBLIC OFFERINGS
Scotiabank and RBC picked to lead Ontario's Hydro One IPO (The Globe and Mail)
The Ontario government chose Bank of Nova Scotia and Royal Bank of Canada to lead the initial public offering of the Hydro One Inc. utility, one of the biggest IPOs in Canada in 16 years. The Toronto-based banks will oversee the sale of 15 per cent of Hydro One in an IPO worth as much as $2.25-billion. That would be Canada's largest IPO since the $2.49-billion sale by Manulife Financial Corp. in 1999. Full story
Ontario Liberals keep promise on low Hydro One IPO fees
The Ontario Liberals, advised by former federal auditor-general Denis Desautels, said Wednesday it would pay book runners, led by Bank of Nova Scotia and RBC Dominion Securities Inc., a 1-per-cent fee for stock sold to institutional investors, and 3 per cent for shares sold to retail investors. Both are significantly lower than industry norms. Full story
ANALYSIS AND INSIGHT
Goldcorp's cash haul, credit line expansion spark M&A speculation (Seeking Alpha)
Goldcorp says it's using the $950-million in proceeds from selling its 25-per-cent stake in Tahoe Resources to clean up its balance sheet, but the move sparks analyst concern about a potential major acquisition. Full story
IN CASE YOU MISSED IT
JPMorgan's Jimmy Lee, adviser on megadeals, dies aged 62 (The Globe and Mail)
Jimmy Lee, one of JPMorgan Chase & Co's most senior investment bankers, died on Wednesday, the bank's chief executive officer said in a statement. He was 62. Mr. Lee, a vice-chairman in the investment banking group, advised some of the world's biggest companies on deals, including the merger of United Airlines and Continental Airlines to form United Continental Holdings Inc., the takeover of Wall Street Journal publisher Dow Jones by News Corp., and the initial public offering of Chinese e-commerce company Alibaba Group Holding Ltd. Full story