Here are the top reads,
Toy sale: Canada’s 82 Toys “R” Us stores are set to remain open for business as Fairfax Financial Holdings Ltd. prepares to take control of the specialty retailer of toys and baby gear. Story (Jacqueline Nelson, for subscribers)
Investigation: More than one-third of the money raised from investors to provide syndicated mortgage loans for Fortress Real Developments Inc.’s building projects was paid out as cash commissions to salespeople and as consulting fees to Fortress, new court documents say. Story (Janet McFarland, for subscribers)
Opinion: The government is currently considering whether the proposed sale of Aecon to Hong Kong-based CCCC International Holding Ltd. (CCCI) is in our country’s best interest. As two former federal industry ministers with a combined 39 years of public service, we can attest to the careful consideration the government is – and should – be giving this transaction. Story
Private equity: Canadian waste management giant GFL Environmental Inc. has secured new private equity backing, dumping the idea of a public market launch in favour of a growth strategy funded by financial partners including the Ontario Teachers’ Pension Plan. Story (Jacqueline Nelson, for subscribers)
Oil sector: As the federal and Alberta governments race to rescue the Kinder Morgan pipeline project, the global financial community is sending new signals that Canada’s investment in the fossil-fuel economy comes with increasing climate-change risks. Story ( Shawn McCarthy, for subscribers)
Blockchain: Bank of Montreal has its proof: Faster international trade conducted by digital ledgers can work. Story (James Bradshaw, for subscribers)
FINANCIAL SERVICES WRAP
Earnings: UBS Group AG’s freshly combined wealth management unit didn’t get off to the best start. The business, which accounts for about half UBS’s pretax profit, posted first-quarter earnings that missed analyst estimates. Story
DEAL WRAP
Debt market: Netflix Inc said on Monday it planned to raise US$1.5 billion in debt, the second time the company is tapping the debt market in less than a year to fuel a rapid expansion in original content. Story
Gaming sector: Poker giant Stars Group Inc. agreed to buy Sky Betting & Gaming in a deal valued at US$4.7 billion, moving deeper into sports betting to create the biggest publicly listed online gambling company. Story
WHAT WE’RE READING ELSEWHERE
The house wins: Private equity has hit the jackpot with a deal to sell Sky Betting & Gaming to Canada’s Stars Group Inc. for US$4.7 billion. The jaw-dropping returns achieved here are down to a dose of good fortune as much as judgement. Bloomberg
Real estate sector: Deal activity in private real estate reached a five-year high for the first quarter, a new report from alternative data provider Preqin showed. Institutional Investor
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