Here are the top reads on deals and financial services over the last 24 hours,
FINANCIAL SERVICES NEWS
U.S.-based Capital Group taps former Sun Life executive Rick Headrick to lead Canadian business: Global investment manager Capital Group has hired former Sun Life Financial executive Rick Headrick as president of its Canadian operations. Mr. Headrick, former president of Sun Life Global Investments, joined the firm on Sept. 3 and will replace Mark Tiffin, who was president and general manager of Capital Group in Canada for the past 18 years. Story (Clare O’Hara)
On Bay Street, companies turn to their own kind of ATM to pay for big projects: You and I stop by an ATM to pick up a little cash. An increasing number of Canada’s largest companies are starting to hit their own version of an ATM to find the money for their biggest projects. In Bay Street circles, an ATM is an at-the-market equity program. Story (Andrew Willis)
DEALS NEWS: MERGERS, ACQUISITIONS, IPOs and FINANCINGS
B.C. legal software startup Clio breaks record for largest Canadian venture capital funding: A Vancouver-area software firm that helps lawyers manage their practices over the internet has secured the largest single venture-capital financing in Canadian history. Story (Sean Silcoff)
Montreal’s Repare Therapeutics raises $82.5-million to advance cancer-fighting drugs: A Montreal biotech developer aiming to create “precision oncology” drugs that target cancerous tumours has secured US$82.5-million in financing from several U.S. and Canadian investors. Story (Sean Silcoff)
Air Canada files challenge with Canadian Transportation Agency over Onex takeover of WestJet Airlines: Air Canada has filed a challenge with federal regulators to Onex Corp.’s takeover of WestJet Airlines Ltd., arguing that the deal could give foreign investors majority ownership of the Calgary-based airline, in violation of Ottawa’s rules. Onex, a Toronto-based private-equity firm, announced a friendly $3.5-billion takeover of WestJet this spring. The airline’s shareholders voted in July to approve the deal, but it now must be approved by regulators. Story (Stephanie Marotta)
Crescent Point to sell assets for $912-million to reduce debt: Crescent Point Energy Corp. has agreed to sell $912-million in assets as the producer takes a major step toward cutting its debt and focusing on nurturing core oil properties. Story (Brent Jang)
Aurora sells remaining TGOD stake: Aurora Cannabis Inc. sold the rest of its position in The Green organic Dutchman Holdings Ltd. after markets closed on Tuesday, in an $86.5-million block trade that formally ends the relationship between the two cannabis firms. Story (Mark Rendell and Tim Kiladze)
Transcontinental sells California building to San Francisco Chronicle publisher for $75-million: TC Transcontinental Inc. has agreed to sell the building that housed its former printing operations in Fremont, Calif., for US$75-million, with the proceeds to be used to reduce debt, the company said Tuesday. Story (Canadian Press)
IN CASE YOU MISSED IT
Air Canada and Transat, Onex and WestJet: A guide to Canadian airline deals: Explainer (Matt Lundy)
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