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Streetwise Streetwise newsletter: Toronto AI startup raises $25-million; Red Hat founder on IBM deal

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

Toronto’s Think Research raises $25-million from Canadian, U.S. VCs: Think Research Corp., a Toronto-based startup that uses artificial-intelligence technologies to help health care professionals determine the best treatment for patients, has raised $25-million from Canadian and U.S. investors. Story (Josh O’Kane, for subscribers)

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Hamilton-born Red Hat founder Bob Young reflects on IBM’s $34-billion acquisition: On Sunday, IBM Corp. announced it was buying open-source cloud development software company Red Hat for US$34-billion, marking one of the biggest acquisitions in the technology business. The company has Canadian roots in Hamilton, Ont.-born Robert Young, who started the company with North Carolina-based software engineer Marc Ewing 25 years ago. Red Hat specializes in Linux operating systems, the most popular type of open-source software, which was developed as an alternative to proprietary software made by Microsoft Corp. Story (Sean Silcoff, for subscribers)

Red Hat shares jump, IBM stock dips on merger deal: IBM Corp.’s US$34-billion deal to buy Red Hat Inc. drove shares in the small but fast-growing software maker about 50 per cent higher on Monday, reflecting the huge premium IBM is paying to ward off any potential challenger bids. Story (for subscribers)

Korean fund manager to invest up to $600-million in Canadian commercial real estate: A Korean real estate fund manager is hunting for Canadian property and plans to invest up to $600-million over the next year. Fresh off its first Canadian real estate investment in October, KTB Asset Management Co. Ltd. is scouring Toronto and Vancouver for offices, hotels, distribution centres and other large properties. Story (Rachelle Younglai, for subscribers)

MORE FINANCIAL SERVICES NEWS

Board appointment: The Bank of Nova Scotia says Benita Warmbold, a former chief financial officer of the Canada Pension Plan Investment Board, has joined the bank’s board of directors. Ms. Warmbold retired from CPPIB in June, 2017. Story

Street moves: Bank of Nova Scotia has hired four people for its metals business in New York after losing six traders and salesmen who defected to rival Canadian lender Bank of Montreal last month, sources said. Story

MORE DEALS NEWS

IPO: U.S. cannabis retailer Curaleaf Holdings Inc opened lower in its trading debut in Toronto on Monday after amassing $400 million in the biggest equity raising in Canada’s marijuana industry. Curaleaf opened at $8.70 on the Canadian Securities Exchange (CSE), lower than the offer price of $11.45. Story

Auto sector: Johnson Controls International Plc is nearing a deal to sell its power solutions business, which makes car batteries, to Brookfield Asset Management Inc for between US$13 billion and US$14 billion, people familiar with the matter said on Monday. Story

Mining sector: Global miner Rio Tinto’s outline deal to sell its stake in the Simandou iron ore project in Guinea has lapsed after years of negotiations failed to produce an agreement with Aluminum Corp of China (Chinalco). Story

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