Here are the top reads on deals and financial services over the last 24 hours,
Onex acquires WestJet for $3.5-billion: Onex Corp., the Toronto-based company led by Gerry Schwartz, is buying WestJet Airlines Ltd. for $3.5-billion in cash, a 67 per cent premium to the Calgary-based airline’s shareholders. Story (Eric Atkins and David Milstead)
Onex deal for WestJet is a Buffett bet on aviation: What the deal to acquire WestJet says about the new generation running Onex, and Gerry Schwartz’s second move to buy an airline. Story (Andrew Willis, for subscribers)
Why WestJet needs Onex -- and why its transformation won’t be easy: Staring down a multi-year turnaround, all while under intense scrutiny from public investors, WestJet Airlines Ltd. is selling itself to Onex Corp. to buy itself the ultimate luxury: Time. Story (Tim Kiladze and Jeffrey Jones, for subscribers)
Blockchain entrepreneur to pay penalty, teach ethics as part of settlement with OSC: Blockchain entrepreneur Alex Tapscott has paid a $300,000 penalty and will teach ethics seminars to business students as part of his settlement with Ontario’s securities watchdog over allegations that his venture capital fund’s marketing materials were misleading to investors. But the settlement between Mr. Tapscott and the Ontario Securities Commission (OSC) does not ban Mr. Tapscott from being a director or officer of a company for a period of time, as such settlements frequently do. Story (Alexandra Posadzki, for subscribers)
Vancouver software success ACL changing name to Galvanize, preparing for IPO: Canada has sat out this year’s tech IPO boom save for Montreal-based Lightspeed POS Inc.’s public offering in March. Tech-sector watchers don’t foresee an imminent slew of Canadian offerings but rhyme off names of potential domestic candidates for initial public offerings in years to come, including Ritual Technologies Inc., TouchBistro Inc., Wave Financial Inc. and Vena Solutions Inc. Now, another Canadian company is adding itself to the IPO watchlist: Galvanize Inc., which just changed its name from ACL Services Ltd. Story (Sean Silcoff, for subscribers)
Invesco Canada loses top executive Christopher Doll: Invesco Canada Ltd. lost a top executive in its exchange-traded-funds business last week. Christopher Doll, vice-president of ETF sales and strategy, departed from the investment manager on May 7, according to sources that were granted anonymity by The Globe and Mail because they were not authorized to speak on the matter. Story (Clare O’Hara, for subscribers)
MORE FINANCIAL SERVICES NEWS
Investigation of QuadrigaCX cryptocurrency debacle turns up just $28-million: After three months of investigating, the accounting firm trying to recover more than $200 million in cash and cryptocurrency owed to users of the now-defunct QuadrigaCX trading platform has turned up only $28 million in assets – virtually all of it in cash. Story (Canadian Press, for subscribers)
Power Financial profit falls 8.5 per cent, missing expectations: Power Financial Corp. posted first-quarter net earnings of $536 million, down from $586 million during the same period a year earlier and missing expectations. Story (Canadian Press)
MORE DEALS NEWS
Uber shares continue to fall after Friday’s poorly-received IPO: Uber Technologies Inc’s shares fell as much as 12% on Monday, more than doubling their losses since the ride-hailing giant’s poorly received Wall Street debut on Friday and raising more questions about investors’ faith in its ability to make profits. Story (Reuters)
Slack plans direct listing for June 20: Slack Technologies, the owner of the workplace instant messaging app, plans to go public on June 20, the company said on Monday, a test of investor appetite for loss-making technology stocks in the wake of Uber Technologies Inc’s underwhelming market debut. Story (Reuters, for subscribers)
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