Here are the top reads on deals and financial services over the last 24 hours,
Marlboro maker Altria in talks with Canadian pot grower Aphria: U.S. tobacco giant Altria Group Inc. is in talks to acquire an equity stake in Canadian cannabis grower Aphria Inc., multiple sources say. Details of Altria’s proposed investment in Aphria are still being finalized, said the sources, who asked to remain unnamed because the talks are private. Story (Christina Pellegrini and Marina Strauss, for subscribers)
Securities watchdogs raise red flag over disclosure issues in pot industry: Canada’s securities regulators say the cannabis industry has widespread disclosure problems that are getting in the way of investors’ understanding of how to best invest in pot stocks. Regulators in four provinces reviewed 70 publicly-listed cannabis companies, known as “issuers” in securities-industry lingo, and revealed a laundry list of problems in a Canadian Securities Administrators staff notice Wednesday. Story (David Milstead, for subscribers)
Waste deal: Canadian waste management leader GFL Environmental Inc. is transforming itself into a North American giant by acquiring U.S.-based Waste Industries for $3.65-billion, including debt, capping off a chaotic run for the Toronto-based buyer that included flirting with an initial public offering. Story (Tim Kiladze, for subscribers)
Parkland sails into Caribbean fuel business with $1.57-billion deal: Parkland Fuel Corp. is buying a controlling stake in the Caribbean’s largest independent petroleum distributor for $1.57-billion, extending its fuel-supply reach to the massive U.S. Gulf Coast market. Parkland is acquiring a 75-per-cent interest in Barbados-based SOL Investments Ltd., which distributes and sells fuel in 23 countries under its own brand as well as the Shell and Esso banners. Privately held SOL operates 526 gas stations in the Caribbean. Story (Jeffrey Jones, for subscribers)
Celestica gains slice of growing OLED display market with $330-million deal for U.S. manufacturer: Celestica Inc. will buy Silicon Valley-based light-display equipment maker Impakt Holdings LLC for US$329-million, giving the Toronto-based engineering and manufacturing firm greater presence in South Korea and a slice of the growing “organic” LED light-display market. Announced on Wednesday morning, the acquisition fits into Celestica chief executive Rob Mionis’s previously announced plans to boost operating margins with acquisitions; the company had also announced in January that it would buy the aerospace manufacturing company Atrenne Integrated Solutions Inc. for US$139-million. Story (Josh O’Kane, for subscribers)
MORE DEALS NEWS
Health-care industry: Pharmacy chain CVS Health Corp. won U.S. antitrust approval for its US$69-billion acquisition of health insurer Aetna Inc., the Justice Department said on Wednesday, paving the way for a combination with potential to cut U.S.-health-care costs for consumers. Story
Aircraft manufacturing: Aircraft parts supplier TransDigm Group Inc. has agreed to buy smaller rival Esterline Technologies Corp. for about US$3.6-billion in its biggest-ever deal, as it seeks the heft to compete with Boeing Co. and Airbus SE in after-sales plane servicing. Story
Late-stage venture capital: Japan’s SoftBank Group Corp is in discussions to buy a majority stake in U.S. shared office space provider WeWork Cos, a source said, potentially doubling down on one of its biggest bets on a loss-making startup. Story
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