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Streetwise Streetwise newsletter: CIBC mulls offering Caribbean subsidiary; MTY strikes $248-million deal for Imvescor

A CIBC sign is shown in the financial district in Toronto on Tuesday, Aug. 22, 2017.

Nathan Denette/THE CANADIAN PRESS

Canadian Imperial Bank of Commerce is considering listing its Caribbean banking subsidiary on U.S. stock markets, seeking options to redeploy resources away from a region that has been known as a risky place to do business. Story (James Bradshaw)

Stanley Ma's MTY Food Group Inc. is making a friendly bid to acquire Imvescor Restaurant Group Inc. for $248-million in cash and stock, a transaction aimed at diversifying the business by boosting the number of casual sit-down restaurants in its stable. Story (Jeffrey Jones)

Credential Financial Inc., Qtrade Canada Inc. and NEI Investments have joined forces to launch a new independent wealth management firm in Canada that will be able to compete more aggressively with some of Canada's largest financial firms, including the Big Five banks. Story (Clare O'Hara)

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DEAL WRAP

Licensed marijuana producer Aphria Inc. said it is moving to "purify" its balance sheet by reducing its exposure to medical cannabis in the U.S., where pot remains illegal under federal law, as it undergoes a delisting review by the group which operates the Toronto Stock Exchange. Story

Transcontinental Inc. has sold 12 Quebec newspapers and their related web properties to Groupe Lexis Media Inc. Financial terms of the deal were not immediately available. Story

Global commodity trader Louis Dreyfus Company has agreed to sell its fertilizer business to Canada's Agrium Inc. as it continues an overhaul in response to tough agricultural markets. Story

Europe's biggest property firm Unibail-Rodamco is to buy U.S. and UK mall operator Westfield Corp for $16-billion (U.S.), a defensive move to create a global leader in a sector grappling with the online shopping challenge led by Amazon. Story (for subscribers)

Qualcomm has been busy trying to fend off a hostile $105-billion (U.S.) takeover attempt by Broadcom, a fellow chip maker. On Monday, Qualcomm faced trouble on a second front, from a big activist investor that wants it to raise its own bid for NXP Semiconductors. New York Times

Beijing's Qingdao City Construction Investment Group and Montreal-based cleantech VC firm Cycle Capital Management announced a first closing of $116-million in their new joint fund. BetaKit

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Simility, which develops a fraud detection platform that uses machine learning, has announced a $17.5-million (U.S.) round of funding led by Accel, with participation from new strategic investor PayPal. Existing investors The Valley Fund and Trinity Ventures also contributed. Founded in 2014, Palo Alto-based Simility is one of a number of companies using machine learning to help those working in the fraud detection realm collect and analyze data. VentureBeat

A fledgling lidar startup is launching out of stealth today, backed by more than $30-million (U.S.) in investors' money. San Francisco-based Ouster has officially unveiled its OS1 lidar, which it said represents a "step-change in lidar sensing technology" compared to what is currently available elsewhere on the market, with "marked improvements in mass, form factor, and power requirements." VentureBeat

Nextdoor, the social media platform for city neighbourhoods, has raised $75-million (U.S.) at a valuation above the $1.1-billion level it reached in its last fundraising round in 2015, according to two people close to the situation. The Information

Vienna-based Hookipa Biotech has raised almost $60-million (u.s.) in an oversubscribed Series C funding. The investment will help the clinical stage company, which specializes in immunotherapy treatments for cancer and infectious diseases, bring two products to Phase I and II testing. The deal is the latest in a record-breaking year for global biotech fundraising. PitchBook

FINANCIAL SERVICES WRAP

Alternative asset manager West Face Capital Inc. has filed a $70-million lawsuit against Home Capital Group Inc. and three former executives, alleging the Toronto-based mortgage lender's public disclosure was inaccurate and misleading. Story

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WHAT WE'RE READING

Apple's acquisition of Shazam is without a doubt big news for Europe's striving startup scene. What's less clear is whether it's good news or bad news. Founded in 2004, in the pre-iPhone era, Shazam represents a remarkable tale of endurance. But just three years ago, the company was reportedly on track for a $1.2-billion (U.S.) IPO as its music-recognition app passed the 100 million download mark. VentureBeat

WHAT WE'RE WATCHING

Eric Rosenfeld, chief executive of Crescendo Partners, has released his latest song and dance video Video If you don't know who Mr. Rosenfeld is, here is a little background

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