Here are the top reads on deals and financial services over the last 24 hours,
Scotiabank sells Puerto Rico and Virgin Island operations for $300-million net loss: Bank of Nova Scotia is unloading its operations in Puerto Rico and the U.S. Virgin Islands at a loss as the bank continues to shrink its sprawling global footprint. Story (Tim Kiladze)
Peloton Capital makes first major investment, taking a stake in a national chain of dental offices: Private equity fund Peloton Capital Management is investing $75-million in national chain 123Dentist Inc., the latest financial player to target dentistry as an industry that’s ripe for consolidation. Story (Andrew Willis)
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. Story (Stefanie Marotta)
Transat stock jumps above $14 as exclusive talks with Air Canada expire: Transat AT Inc.’s share price jumped past $14 on Wednesday, the day Air Canada’s exclusive talks to buy the airline and travel operator expired. The two companies have in been in negotiations for 30 days for a takeover that would merge Canada’s largest and third-largest airlines at $13 a share, or $520-million. Transat shares closed at $14.19 Wednesday as investors signalled their belief that Air Canada – or another buyer – will pay more than that. Story (Eric Atkins)
Pieridae Energy to buy Shell’s southern Alberta assets for $190-million as part of plan to build LNG plant in Nova Scotia: Pieridae Energy Ltd. is buying Royal Dutch Shell PLC’s southern Alberta foothills assets for $190-million, boosting output that would flow to its planned liquefied natural gas plant in Nova Scotia. Under the deal, Pieridae will pay $175-million in cash and issue $15-million in shares to Shell. It will fund the cash portion by issuing debt and equity, it said. Story (Jeffrey Jones)
Barrick doubles down on allegations of overvaluation by Acacia: Barrick Gold Corp. says its proposal to acquire Acacia Mining PLC is “fair,” and it’s doubling down on claims that its London-based subsidiary has overvalued some of its mines. In a statement on Wednesday, Barrick said that “certain assumptions made by Acacia in relation to its mine plans are not appropriately risked or supportable and that adjustments should be made.” Story (Niall McGee)
MORE FINANCIAL SERVICES NEWS
Facebook crypto plans turn up heat on EU banks over real-time payments: The euro zone could have an instant payments system shared by all banks in the bloc by the end of 2020, finance industry officials said, as lenders face more competition from the likes of Facebook and other tech firms. Story (Reuters)
MORE DEALS NEWS
Volkswagen’s Traton sets price range for IPO at €27-28 a share: Volkswagen’s truck unit Traton narrowed the price range for its initial public offering (IPO) to between €27 and €28 a share, the lower end of its earlier €27 to €33 price range, a bookrunner said on Wednesday. Story (Reuters)
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