Here are the top reads on deals and financial services over the last week
FINANCIAL SERVICES NEWS
Cash-rich companies, activist fund managers used recent market selloff to accumulate stakes in potential targets: Like the great white shark circling the late-night swimmer in the opening scene of Jaws, a handful of cash-rich companies and activist fund managers used the recent market selloff to quietly accumulate stakes in potential targets. (Andrew Willis)
Independent asset-backed financing industry faces risk of widespread failure: Independent lenders who provide asset-backed credit to small and medium-sized businesses face widespread failure in the coming months as funding markets seize up and borrowers struggle to pay their loans. (Mark Rendell)
Hydro One takeovers set the stage for more consolidation of Ontario electricity distributors: Hydro One Ltd. won Ontario government approval for two long-planned takeovers last week, clearing the way for renewed growth at a utility that spent the past two years in Premier Doug Ford’s doghouse. (Andrew Willis)
Shopify’s soaring share price vaults founder Tobias Lutke into the ranks of Canada’s richest: Shopify Inc.'s rocketing share price has propelled company founder Tobias Lutke into the ranks of Canada’s wealthiest billionaires, and trading records show the company CEO is selling a slice of that pie. (David Milstead)
New OSC head Grant Vingoe wants stronger powers for banking sector ombudsman: The agency that takes complaints from the public about investment firms needs more teeth to ensure consumers who have been wronged are compensated, the new acting head of the Ontario Securities Commission says. (Greg McArthur)
Bay Street veterans launch long-term lender, plan to raise $750-million fund: Three credit market veterans are launching a new long-term lender, Private Debt Partners Inc., on Wednesday with plans to raise a $750-million fund that will back businesses rebuilding from the pandemic-induced economic downturn. (Andrew Willis)
Shopify tops RBC as Canada’s most valuable company: Shopify Inc. surpassed Royal Bank of Canada as Canada’s most valuable company in late trading Wednesday after the Ottawa retail software company posted stronger-than-expected first quarter results, joining other e-commerce giants that have experienced a similar lift as shoppers shifted more of their buying to their internet during the pandemic. (Sean Silcoff)
Brookfield to provide $5-billion to cash-strapped retailers for stake in business: Brookfield Asset Management Inc. plans to spend US$5-billion to prop up retailers hit by the coronavirus pandemic, in an attempt to find investment opportunities in the retail carnage while mitigating the company’s significant exposure to malls. (Rachelle Younglai)
Manulife CEO urges countries to move slowly on reopening to avoid a second wave of disease: Although his company has seen profits tumble so far this year, Manulife Financial Corp. CEO Roy Gori says jurisdictions should not rush to reopen because another wave of COVID-19 could create greater economic and social devastation than the global economy has already seen. (Clare O’Hara)
DEALS NEWS: MERGERS, ACQUISITIONS, IPOs and FINANCINGS
OMERS Ventures invests in Ottawa work-from-home technology startup Tehama: The Ontario Municipal Employees’ Retirement System has made its first new venture-capital investment in Canada in nearly two years, backing an Ottawa remote-working technology startup that has experienced a surge in demand during the pandemic. (Sean Silcoff)
Calgary’s Symend raises $52-million for AI software that uses emoticons, friendly approach to chase late bill payers: A Calgary startup that combines artificial intelligence, behavioural science and compassion to help large billers collect from delinquent customers has raised one of the city’s largest venture capital financings. (Sean Silcoff)
IN CASE YOU MISSED IT
Can a desperate Cirque du Soleil avoid Quebecor’s embrace?: With almost no revenue coming in and creditors on its heels, you’d think Cirque du Soleil would be jumping at Pierre Karl Péladeau’s offer to ride to the rescue. (Konrad Yakabuski)
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