September 28, 2020

Streetwise newsletter: Best reads of the week

Nathan Denette/The Canadian Press

  Streetwise newsletter: Best reads of the week
Here are the top reads on deals and financial services over the last week,
Wealthsimple in talks for $100-million-plus financing with U.S. venture capitalists: Wealthsimple Technologies Inc. is in talks with several U.S. venture capital firms to raise $100-million-plus in a deal that would increase the valuation of the online financial services startup to more than US$1-billion, sources have told The Globe and Mail. (Sean Silcoff, Clare O’Hara)
Focusing on TSX-only IPO pays off for Nuvei, CEO says: Montreal online payments processing company Nuvei Corp. dropped plans to go public on both the Toronto and New York stock exchanges after deciding it didn’t need a U.S. listing to generate enough investor interest for Canada’s biggest-ever technology IPO, its CEO says. (Sean Silcoff)
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Monitor urges B.C. Supreme Court to approve U.S. private-equity company’s acquisition of MEC: The monitor overseeing the creditor protection process for MEC is urging the court to approve the retailer’s deal to be acquired by a U.S. private-equity company, saying it provides “the highest and best value” for the assets. (Susan Krashinsky Robertson)
Richardson GMP advisers exit for other firms ahead of restructuring vote: Investment advisers at wealth manager Richardson GMP are jumping ship amid a slew of shareholder opposition to its parent company’s restructuring plans. Earlier this week, a Calgary-based team of three investment advisers departed Richardson GMP, taking a $350-million book of client assets to competitor Canaccord Genuity Wealth Management, while a second Montreal-based team left the firm with a $275-million book to join RBC Dominion Securities Inc. (Clare O’Hara)
Rogers vows $3-billion for Quebec in Cogeco push: Rogers Communications Inc. will pledge to invest $3-billion in Quebec’s telecom networks on Friday as chief executive officer Joe Natale steps up his campaign to win support for a takeover of Cogeco Inc. and resolve a 20-year investment in the Montreal-based cable company. (Andrew Willis, Nicolas Van Praet)
Rogers doesn’t need takeover to invest in Quebec, Cogeco says: A plan by Rogers Communications Inc. to invest $3-billion in Quebec shouldn’t hinge on its acquisition of Cogeco, the Montreal-based cable company said Friday. (Alexandra Posadzki)
Underwriters cut fees to win Shopify’s business in latest share issue: Executives at Shopify Inc. have famously told Bay Street that they are not interested in making friends with bankers. The Ottawa-based online retail software company stayed true to that mantra last week by successfully using its heft to win bargain-basement fees on its latest stock sale. (Andrew Willis)
Brookfield Property plans to whittle down its mall portfolio but sees J. C. Penney surviving the downturn: Brookfield Property Partners plans to whittle down its portfolio of U.S. malls in addition to slashing 20 per cent of staff at its U.S. retail division after the novel coronavirus pandemic upended shopping centres. (Rachelle Younglai)
Big gold shareholders urging changes to attract generalist investors as miners fall short on performance: A coalition of heavyweight investors is calling on the global gold industry to improve its performance in several key metrics, even as the share prices of many gold companies hit multiyear highs amid a soaring commodity price. (Niall McGee)
Planned Topaz IPO expected to be worth $253-million, source tells Globe: Topaz Energy Corp., the spinoff of natural gas producer Tourmaline Oil Corp., aims to raise up to $253-million in an initial public offering and secondary issue of shares that follow months of difficult conditions in Canada’s energy industry. (Jeffrey Jones, Tim Kiladze)
Bombardier’s deal with Spirit cast in doubt: Spirit AeroSystems Holdings Inc. is raising doubt about its US$500-million planned takeover of Bombardier Inc.'s plane parts manufacturing businesses and says a separate deal to buy Belgium’s Asco Industries is likely dead. (Nicolas Van Praet)
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