Here are the top reads on deals and financial services over the last 24 hours.
Loyalty programs: Aeroplan’s parent company, Aimia Inc., rejected a hostile takeover bid from Air Canada and three financial partners after the two sides exchanged counteroffers but could not agree on a price. Story (Tim Kiladze, for subscribers)
Asset sale: SNC-Lavalin Group Inc. is considering selling some of its stake in the Highway 407 ETR, marking a significant shift in the management team’s strategy. A year ago, SNC said it had no plans to shop its stake in the toll road. On Wednesday, however, SNC revealed that it has engaged two financial advisers, CIBC World Markets and RBC Dominion Securities, to advise on a potential sale of part of its investment. Story (Tim Kiladze and Salmaan Farooqui, for subscribers)
Cannabis fund: Demand for private-equity investments in the cannabis sector remains high as Canada’s legalization of recreational marijuana approaches, says the head of a firm that has just launched a second venture capital fund. Calgary-based Green Acre Capital has received commitments of $35-million from the likes of major cannabis producer Aphria Inc., financier and Green Acre adviser Brett Wilson and Saskatchewan cannabis funding firm York Plains Investment Corp. Story (Jeffrey Jones, for subscribers)
Caisse results: The Caisse de dépôt et placement du Québec is reporting a return of 3.3 per cent on clients’ funds for the first six months of 2018, compared with 3.5 per cent for its benchmark portfolio. Story (The Canadian Press)
MORE DEALS NEWS
Cisco deal: Cisco Systems Inc said on Thursday it would buy Duo Security, a venture capital-backed cyber security company, for $2.35 billion in cash, as it seeks to expand its offerings in cloud computing. Story (Reuters)
Sonos IPO: Shares of Sonos Inc rose as much as 23 percent to $18.50 in their market debut on Thursday, at which the U.S. wireless audio systems maker has a market value of about $1.82 billion. Story (Reuters)
Retail deal: Jones Lang LaSalle Inc. acquired Northwest Atlantic Inc., a Canadian retail-tenant representation and advisory firm, to feed the growing demand from retailers around the world looking to expand in Canada. Story (Bloomberg)
WHAT WE’RE READING ELSEWHERE
Fixed income: Toronto-Dominion Bank has bridged the gap to Royal Bank of Canada after years of the latter’s dominance in Canadian fixed income, a Greenwich Associates survey of investors showed. Story (Bloomberg)
IN CASE YOU MISSED IT
Aimia talks: Aeroplan’s parent company, Aimia Inc., is currently in partnership talks with the Oneworld airline alliance as it fends off a recent hostile takeover bid from Air Canada and three financial partners. Story (Tim Kiladze, for subscribers)
Enercare deal: Brookfield Infrastructure Partners LP is buying Enercare Inc., the home heating and cooling company, for $3.1-billion, adding a major consumer business that fits in with its own house-building and utilities holdings. For Enercare, the deal ends a more than four-month search for a buyer with a hefty premium for shareholders. The company had previously spurned takeover attempt by U.S. private equity firm TPG Capital that would have offered half the value of the BIP transaction, though it has expanded significantly since. Story (Jeffrey Jones and Tim Kiladze, for subscribers)
Scrapped sale: Canadian building-interior manufacturer DIRTT Environmental Solutions Ltd has abandoned an effort to sell itself after soliciting offers from private equity firms and other companies, people familiar with the matter said. Story (Reuters)
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