Energy sector’s drill-less recovery to spawn more takeovers: A wave of consolidation is bearing down on Canada’s oil patch as smaller companies exhaust their survival options and large players see bargains. Several deals have already been announced following a lengthy drought, including two last week. Investment bankers say industry financial woes made worse by the COVID-19 contagion are prompting virtually all corporate boards to run the numbers on potential transactions to either satisfy lenders or beef up to become relevant to institutional investors. (Jeffrey Jones, Emma Graney)
Rogers, Altice to maintain push on acquiring Cogeco, analysts say: Rogers Communications Inc. and Altice USA Inc. may have been rebuffed by Cogeco’s executive chairman Louis Audet, but they’re not walking away from their attempt to acquire the Quebec-based cable business, according to industry analysts and a source. (Alexandra Posadzki, Andrew Willis)
Great-West Lifeco subsidiary to expand U.S. presence with $2.35-billion purchase of retirement-plan business: Canadian insurer Great-West Lifeco Inc. continues to bolster its presence in the U.S. retirement industry with a US$2.35-billion deal to buy the retirement business of Massachusetts Mutual Life Insurance Co. On Tuesday, Great-West subsidiary Empower Retirement announced a plan to add US$167-billion in assets and approximately 2.5 million clients by acquiring the retirement division of MassMutual. (Clare O’Hara)
Why Softbank’s bet on prominent tech stocks has the market rattled: Technology stocks plunged on Tuesday as investors grappled with a host of worries, including the murky role of SoftBank Group Corp. in fuelling the sector’s recent surge. The Financial Times reported on Friday that the sprawling Japanese conglomerate was the mysterious “Nasdaq whale” that caused a buzz among traders in recent weeks by purchasing billions of dollars worth of call options on prominent tech stocks. (Ian McGugan)
Nuvei seeks to raise US$600-million in public share offering: Montreal payment processing company Nuvei Corp. revealed Tuesday it plans to raise at least US$600-million in its initial public offering, setting a price range of US$20 to US$22 per subordinate voting share as it kicked off marketing efforts for the deal. (Sean Silcoff)
Aurora Cannabis names new CEO, takes $1.8-billion impairment charge: Aurora Cannabis Inc. has appointed a new chief executive and announced another round of writedowns, including a goodwill impairment charge of up to $1.8-billion, as it continues to struggle with a history of lavish spending and short-sighted deal-making. (Mark Rendell)
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