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

WeWork raises $1-billion from Ivanhoé Cambridge in shift into property acquisition and management: WeWork is expanding into property acquisition and management, raising US$1-billion from Canada’s Ivanhoé Cambridge to buy real estate in major cities around the world. The U.S. company’s new commercial real-estate unit, called Ark, will use the US$1-billion investment from Ivanhoé along with roughly US$1.9-billion from other investors to buy and develop commercial property in big urban centres such as Toronto, London and Paris. Story (Rachelle Younglai, for subscribers)

Former Facebook executive, Toronto venture capitalists ordered to pay nearly $16-million in suit over Tinder stake: An Ontario judge has ordered a former Facebook executive and two Toronto venture capitalists to pay almost US$16-million in damages in a case that included claims of a hidden interest in the popular dating app Tinder. The complex case involved former business associates in the Toronto technology fund Extreme Venture Partners and one of the central issues was the 2012 sale of Xtreme Labs, a software company that held a 13-per-cent interest in Hatch Labs, the developer of Tinder. Story (Christine Dobby, for subscribers)

Fortress seeks large payouts for financing negotiation work: Fortress Real Developments Inc. is seeking large fee payments for work it has done negotiating new financing for some of its troubled real estate developments, even as syndicated mortgage investors are facing significant losses on some of the projects. Story (Janet McFarland, for subscribers)

CPP investment fund shifts focus, adds $32-billion to assets: Canada Pension Plan Investment Board shifted away from stocks that trade on the world’s exchanges and moved more deeply into private companies and projects such as power plants and toll roads – helping it add $32-billion to its assets in its most recent fiscal year. The results, released Wednesday, show CPPIB posting a return of 8.9 per cent for the 12 months ended March 31. Story (David Milstead, for subscribers)

Corus shares sink after Shaw sells its stake: Investors gave a cold reception to the $548-million sale of Corus Entertainment Inc. stock, knocking back the stock price by 17 per cent on Wednesday, a day after Shaw Communications Inc. cut ties with the Toronto-based broadcaster. Shaw announced late on Tuesday it sold its entire 36.8-per-cent stake in Corus to a syndicate of 13 investment banks led by TD Securities Inc., which in turn offered the stock to investors for $6.80 a share. Story (Andrew Willis, for subscribers)

Smartphone-repair-shop Mobile Klinik raises $27.5-million in financing round to fund expansion: Smartphone-repair-shop chain Mobile Klinik has raised $27.5-million in a financing round meant to fund the company’s bid to expand to 200 stores across Canada within the next three years. Toronto-based Mobile Klinik was co-founded in 2015 by a pair of veteran Canadian telecom executives. Story (Christine Dobby, for subscribers)

Toronto fintech company Koho Financial raises $42-million in growth capital: Koho Financial Inc., the Toronto-based company behind a mobile-banking service that has helped more than 120,000 Canadians track their spending, has raised $42-million in growth capital. The service, which acts as a fee-free account for consumers that lets them spend with a prepaid Visa, makes its revenue from interchange fees that credit-card companies earn from retailers. Story (Josh O’Kane)

Australia’s St. Barbara to acquire Canada’s Atlantic Gold in $722-million deal: Australia’s St. Barbara Ltd. is buying Canada’s Atlantic Gold Corp. in a friendly transaction worth $722-million – more evidence of a resurgence in deal-making in the global gold sector. Vancouver-based Atlantic owns and operates a small but very profitable gold mine in Nova Scotia. Story (Niall McGee, for subscribers)


American Express acquires online restaurant reservation startup Resy: American Express is buying the online reservation startup Resy, the companies announced Wednesday, the latest move by AmEx to establish and maintain a foothold for its card members in some of the world’s most desired restaurants. Story (American Press, for subscribers))

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