Bank towers are shown from Bay Street in Toronto's financial district, on Wednesday, June 16, 2010. Canada's largest city is getting itself a new resident this year: the headquarters of the federal government's new infrastructure financing agency. THE CANADIAN PRESS/Adrien VeczanThe Canadian Press
South of the border, Canadian utilities are seen as good friends in tough times. That benevolent view just helped Hydro One Ltd. chief executive officer Mayo Schmidt launch a $4.4-billion takeover that's the first step in a U.S. expansion strategy. Story (for subscribers)
No Canadian investment banks were hired as financial advisers on Hydro One Ltd.'s $4.4-billion mega deal to buy Avista Corp. – neither on the acquirer's side, nor the acquired's – meaning domestic bankers will miss out on a estimated $42-million fee. Story (for subscribers)
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After a sharp drop in morning trading, shares of Hydro One Ltd. bounced back as investors warmed to its $4.4-billion acquisition of U.S.-based electricity and natural gas provider Avista Corp. Story (for subscribers)
A mass exodus of U.S. investors from the Canadian oil patch has often been blamed for some of the weakness in energy-company shares since the crude-price collapse began. It doesn't appear to have happened. Story (for subscribers)
ELSEWHERE IN FINANCIAL SERVICES
U.S.-based payment card companies, including American Express, MasterCard and Visa, are preparing to submit licence requests to operate in China within months. Story
WHAT WE'RE READING
Novacap has closed its fifth mid-market technology fund, securing $840 million with the help of an expanded base of limited partners. Story (PE Hub)
According to CB Insights and PwC's Canada's latest MoneyTree report, 2017 is off to a slow start for VC funding in Canada. Story (Betakit)
After eight straight months of positive returns, hedge funds may have finally redeemed themselves in the eyes of investors. Story (Institutional Investor)
Through six months of 2017, U.S. private equity firms are on pace to challenge figures from 2007 – the high-water mark for PE fund raising. Story (PitchBook)
Two whistle-blowers are set to share a record $61 million award from the Securities and Exchange Commission for helping make the case that JPMorgan Chase & Co. failed to disclose to wealthy clients that it was steering them into investments that would be most profitable for the bank. Story (Bloomberg)