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Streetwise Streetwise newsletter: Cirque readies IPO; HBC chair spearheading bid to take retailer private

Here are the top reads on deals and financial services over the last 24 hours,

Cirque du Soleil readying for initial public offering as early as next year: Cirque du Soleil is readying plans to go public as early as next year as the storied live entertainment company pushes ahead with a global expansion strategy. Montreal-based Cirque is laying the groundwork for an initial public offering during the first half of 2020, said a person familiar with the plans. Story (Nicolas van Praet, for subscribers)

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Hudson’s Bay executive chair spearheading bid to take retailer private for nearly $1-billion: Richard Baker, executive chairman of Hudson’s Bay Co., is leading a group that is making a nearly $1-billion cash offer to take the retailer private. As well, Toronto-based HBC, which owns its namesake and luxury chain Saks Fifth Avenue, has a deal to sell the roughly half of its European operations that it still owns to its partner overseas for about $1.5-billion. Story (Marina Strauss)

For retail market and Teachers, Richard Baker’s deft touch with Hudson’s Bay is no longer enough: Richard Baker proved long ago he sees value in real estate that eludes the rest of us. Column (Andrew Willis, for subscribers)

Desjardins launches $45-million fintech fund: Desjardins Group is launching a $45-million fund to invest in financial technology startups as it seeks to build more direct relationships with a nascent sector that once looked poised to disrupt traditional banking. The new fund will make investments ranging from a few hundred thousand dollars to as much as $3-million, taking stakes of 10 per cent to 25 per cent in early-stage “fintech” companies. Story (James Bradshaw, for subscribers)

New venture capital fund helps Indigenous businesses scale: A new Indigenous-led venture capital fund will provide capital and support to Indigenous social enterprises across the country. “We’re an Indigenous intermediary working with Indigenous businesses, bridging the space between non-Indigenous private capital and the Indigenous businesses,” says Jeffrey Cyr, a managing partner at Raven Indigenous Capital Partners. Story (Cailynn Klingbeil)

Can an insurance company do banking better? Manulife takes a stab at it: Two words you never thought you’d say in imagining a brighter future for chequing and savings accounts: Manulife Bank. A non-factor for years, the banking division of insurance giant Manulife Financial Corp. is upping its game. On Monday, Manulife Bank introduced a package of services designed to claim a share of a market for daily banking that is crowded with big banks, alternative banks, credit unions and upstart financial technology companies. Opinion (Rob Carrick)

MORE FINANCIAL SERVICES NEWS

Canaccord to buy Australian securities business Patersons for $23-million: Canaccord Genuity Group Inc. has struck a deal to acquire Australian financial services firm Patersons Securities Ltd. for roughly $23 million in cash. Story (Canadian Press, for subscribers)

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MORE DEALS NEWS

Tilray shares up 11 per cent on deal to merge with biggest shareholder: Tilray Inc.’s stock soared after it signed a deal to merge with its largest shareholder while also putting limits on the release of resulting new shares in the Canadian cannabis company for two years. Story (for subscribers)

Salesforce bets on big data with US$15.3-billion Tableau buy: Salesforce.com Inc. agreed on Monday to buy big data firm Tableau Software Inc for $15.3-billion, adding muscle in its fight with Microsoft Corp for a bigger share of the market that helps businesses target customers with tools to analyze and visualize data. Story (Reuters, for subscribers)

Trump warns United Tech, Raytheon merger could reduce competition: Trump warns United Tech, Raytheon merger could reduce competition: U.S. President Donald Trump said on Monday he was a “little concerned” about the merger of defense contractor Raytheon Co and United Technologies Corp but gave a mixed message as to whether he believed the US$121 billion deal should go forward. Story (Reuters, for subscribers)

IN CASE YOU MISSED IT

Turf wars: Real estate sales are ripe for disruption and big foreign players are moving in, but they’re in for a fight: A woman is standing in her spacious kitchen, piping pink frosting onto a birthday cake as the hubbub of a children’s party comes from the next room. A moment later, she dramatically throws herself face down into the cake. The reason for her dismay? Her friend has just explained she could have sold her house without paying a sales commission using real estate brokerage firm Purplebricks. Story (Janet McFarland, for subscribers)

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