Three of Canada's largest pension funds are selling a $310-million portion of their stake in TMX Group Ltd., cashing in on a four-year-old investment in the country's dominant stock exchange.
The Alberta Investment Management Corp., or AIMCo, the Caisse de Dépôt et Placement du Québec and the Ontario Teachers' Pension Plan Board each sold 1.8 million shares in TMX Group late Monday for $57.70 per share. The stake represents a 10 per cent interest in TMX Group.
The shares were sold in a bought-deal transaction that will see a group of investment banks led by TD Securities Inc. re-sell the TMX Group equity to investors.
Following Monday's share sale, AIMCo, the Caisse and the Ontario Teachers will each continue to own approximately 5 per cent of TMX Group, and each pension fund will continue to have a nominee on the TMX board of directors. Story
Mogo looks to regain market ground with new digital banking services
Financial technology companies, or fintech, see themselves as disruptive forces bent on teaching traditional banks a painful lesson in how to appeal to younger consumers with online services. The stock market isn't so sure.
Vancouver-based Mogo Finance Technology Inc., whose share price has fallen sharply since its debut on the Toronto Stock Exchange a year ago, offers a clear example of how an ambitious long-term strategy is facing indifference from investors.
On Monday, Mogo officially launched its new account and app, a $120-million undertaking that pushes its digital banking presence by combining a quick online sign-up process with a free credit score and prepaid Visa card.
The launch came with plenty of trash talk directed at the incumbent players on Bay Street: "We believe that we're the leading challenger brand to the banks," Greg Feller, Mogo's chief financial officer, said in a statement. "In fact, we're growing faster than any of the top six banks in Canada, and faster than the top credit unions."
Trouble is, Mogo's share price is not reflecting that success. It has fallen more than 80 per cent from an initial public offering of $10, even as bank stocks cruise near record highs, suggesting that the market isn't buying the fintech bravado just yet. Story
Dundee looks to grow wealth-management assets through acquisitions
Dundee Corp. is planning on moving from being a seller of wealth management assets to a buyer, with executives making it clear that acquisitions are in the cards.
Toronto-based Dundee has lofty ambitions of growing assets under administration (AUA) at Goodman & Company, Investment Counsel Inc., its high-net-worth subsidiary, more than fivefold to $1-billion. Its current AUA is $176-million.
"To move the needle the way we want to move it, we think an acquisition is the best way to go," David Goodman, Dundee's chief executive officer, said in a conference call with analysts earlier this month. The firm is looking at doing "small tuck-in" acquisitions and "something more substantial," he said. Story
DAILY DEALS
Parkland Fuel Corp. extended its shopping spree with a $965-million deal to acquire the majority of Texas-based CST Brands Inc.'s Canadian business, including hundreds of gas stations in Quebec and Atlantic Canada. Story
Alimentation Couche-Tard Inc.'s $3.8-billion (U.S.) all-cash deal to buy Texas-based gas-and-convenience-store chain CST Brands Inc. is the Quebec company's biggest acquisition ever and its fourth this year. Story
Pfizer Inc. said it agreed to buy U.S. cancer drug company Medivation Inc. for $14-billion in cash. Story
IN CASE YOU MISSED IT
Andrew Willis on the saga of the national securities regulator. Story
Full stories are reserved exclusively for Globe Unlimited subscribers. Click here to sign up