Here are the top reads on deals and financial services over the last few days,
FINANCIAL SERVICES NEWS
CIBC faces losing millions in alleged fraud by trucking firm: Canadian Imperial Bank of Commerce faces more than $50-million in potential losses over an alleged fraud at an Ontario-based business that serves trucking companies. In early December, the bank disclosed that it had set aside $52-million to cover potential losses tied to a single unidentified commercial borrower. (James Bradshaw)
Family rejects rumours of possible Richardson GMP sale as firm refocuses on its wealth management roots: Richardson GMP Ltd., one of Canada’s largest independent wealth managers, is heading into 2020 with plans to double its client assets while debunking persistent rumours that the company is up for sale. On Dec. 6, investment dealer GMP Capital Inc. closed the sale of its investment banking arm, GMP Securities, to U.S. brokerage house Stifel Financial Corp. for approximately $65-million. Since then, GMP Capital has shifted gears into the second phase of its transformation – consolidating the ownership of its wealth manager, Richardson GMP, under a single umbrella. (Clare O’Hara)
DEALS NEWS: MERGERS, ACQUISITIONS, IPOs and FINANCINGS
Brookfield Renewable Partners offers US$1.5-billion for buyout of minority stake in TerraForm Power: Brookfield Renewable Partners L.P. has offered US$1.5-billion to buy the minority chunk of renewable energy provider TerraForm Power Inc. that it doesn’t already own. The plan allows the Brookfield partnership, an affiliate of Brookfield Asset Management Inc., to add to its wind and solar assets and continue to benefit from a turnaround at TerraForm. (David Milstead)
Cott to acquire Primo Water, announces name change as it becomes a bottled-water company: Cott Corp. plans to acquire Primo Water Corp. for US$775-million and adopt its former rival’s name as the 90-year-old company leaves behind soft drinks and coffee to focus on bottled water. (Andrew Willis)
CPPIB invests in Canadian biotech startup Fusion: Canada Pension Plan Investment Board has made a rare foray into Canada’s teeming biotech sector, investing US$20-million in Hamilton cancer treatment developer Fusion Pharmaceuticals Inc. That adds to the US$105-million Fusion raised last April and comes after a strong year for Canada’s biotech sector. (Sean Silcoff)
Vancouver couple’s online travel venture hits $100-million valuation with private equity financing: A fast-growing Vancouver company that has built a prosperous niche in the global travel market has raised $33-million from a U.S. private equity firm. ToursByLocals Inc., an online marketplace that connects travellers with 4,100-plus guides in 1,000 locations globally for private tours, has received a minority investment from Austin, Tex.-based Tritium Partners, its first outside capital. (Sean Silcoff)
IN CASE YOU MISSED IT
Private is the new public: The problem with tech stars chasing private money as they don’t file IPOs: Mike Silagadze has big plans to upend the global textbook market. His 11-year-old Toronto software firm, Tophatmonocle Corp. (Top Hat), has been growing by 50 per cent a year, signing up professors to offer interactive electronic textbooks, tests and assignments on its platform, while traditional giants of the US$35-billion industry such as Pearson PLC have struggled. (Sean Silcoff)
The Streetwise newsletter is Monday to Friday. If you’re reading this on the web, or if someone forwarded this e-mail to you, you can sign up for Streetwise and all Globe newsletters on our signup page.