Here are the top reads on deals and financial services over the last 24 hours,
Ontario Teachers’ sets sights on space with investment in Elon Musk’s SpaceX: The new division of the Ontario Teachers’ Pension Plan that seeks disruptive investments is backing one of the most disruptive executives of today by pumping money into Elon Musk’s SpaceX. Mr. Musk, perhaps best known as the chief executive officer of publicly traded automaker Tesla Inc., is also the founder of SpaceX, a privately held company that ultimately aims to send a commercial spacecraft to Mars. The company has made more than 75 successful rocket launches, Teachers said, and it’s developing a satellite system that would offer a global broadband internet network. Story (David Milstead)
Transat agrees to be bought by Air Canada for $520-million; shares slide: Transat AT Inc. has agreed to a $520 million takeover by Air Canada, but one major shareholder said yesterday the offer was too low and urged a rival bidder to renew its efforts. The all-cash deal, worth $13 for each Transat share, comes after 30 days of exclusive talks between the two airlines and is expected to be completed by 2020, the companies said in a joint statement on Thursday morning. Story (Eric Atkins)
Citi is bullish on Canadian bank stocks, one in particular: There’s been more negativity than usual surrounding domestic banks stocks lately thanks to U.S. hedge fund manager Steve Eisman, but a Citi research report released Thursday offers investors’ favourite sector some support. Story (Scott Barlow)
IN CASE YOU MISSED IT
Private capital still ‘male-dominated sector,’ CVCA says: With women making up just 12 per cent of managing partners at Canadian private-equity and venture-capital firms, the industry still has “a lot of work to do” in developing the careers of women and visible minorities, according to the head of the Canadian Venture Capital & Private Equity Association. Of the 36 member venture-capital firms that responded to the CVCA survey, only 11 per cent have female partners. Story (Stefanie Marotta)
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