The acquisition comes after Franco-Nevada paid $610-million for future silver production from another Peruvian mine called Antamina, which is jointly owned by a group of miners including Glencore.
Franco-Nevada strikes streaming deal
Franco-Nevada Corp. raised $550-million (U.S.) and struck a deal to buy precious metal from one of Glencore PLC's mines, the Canadian company's second big acquisition in less than a year.
Franco-Nevada, which buys streams of future precious metal production from miners, will use $500-million of the proceeds to pay for future production from Glencore's Antapaccay mine in Peru.
The acquisition comes after Franco-Nevada paid $610-million for future silver production from another Peruvian mine called Antamina, which is jointly owned by a group of miners including Glencore.
Franco-Nevada raised the $550-million by selling 11.5 million shares at $47.85 in a bought deal to a group of banks led by Bank of Montreal. The share offering is priced at a 5-per-cent discount to the company's closing stock price on Wednesday. Story
VENTURE CAPITAL
Real Matters set to close financing
Markham, Ont.-based real estate information provider Real Matters Corp. is set to close the largest Canadian venture financing since last summer, raising between $70-million and $75-million almost entirely from Canadian institutional investors, sources close to the company say.
The financing, led by Bank of Montreal and Infor Financial Group, brings the total amount raised by the 12-year-old company to close to $200-million and positions the cloud software firm to go public this year – subject to the calming of turbulent public markets that have hurt valuations of tech companies. The venture financing, which values the company at roughly $600-million, is expected to close by the end of the month. Story
INVESTMENT BANKING
Canaccord Genuity makes deep cuts in U.K. operations
Canaccord Genuity Group Inc. has made deep staffing cuts to its U.K. operations and is planning significant reductions in Canada and the U.S. amid an industry-wide collapse in revenues.
Sources close to the company said the Vancouver-based independent brokerage has laid off roughly 55 people in Britain – or 20 per cent of its head count there.
Canaccord is also in the process of cutting investment bankers, analysts and traders in North America – but unlike the mass-layoff approach in the U.K., the job losses in Canada and the U.S. are being rolled out more slowly.
"They've selectively been laying people off every week," said Christopher Brown – former senior international oil and gas analyst in Calgary – who found out he was being let go on Tuesday. He had been with Canaccord since 2012. Story
Scotiabank's head of global banking to depart
Mike Durland, the head of Bank of Nova Scotia's global banking and markets division, has become the latest in a long line of executives to depart the bank.
Scotiabank announced on Wednesday morning that Mr. Durland is retiring, ending a 23-year career "to pursue his lifelong interest in academia, community-building, and a focus on entrepreneurship, innovation and technology," according to a statement from the bank. Mr. Durland took full responsibility for his current role in 2014.
Dieter Jentsch, currently the group head of international banking who oversaw Scotiabank's recent investor day in Mexico City, will take over Mr. Durland's role.
Ignacio (Nacho) Deschamps will take over from Mr. Jentsch as group head of international banking, overseeing Scotiabank's extensive operations outside Canada. But Mr. Deschamps' title will also include oversight of digital banking – an area that the bank has been focusing on as consumers shift toward online and mobile banking. Story
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Niall McGee