Here are the top reads on deals and financial services over the last 24 hours,
DEALS NEWS: MERGERS, ACQUISITIONS, IPOs and FINANCINGS
Why GFL’s IPO failed: Debt concerns, and tough-minded sellers: After marketing its initial public offering to potential investors for two weeks, GFL Environmental Inc. had heard the same feedback over and over again: The company had to slash the debt burden on its balance sheet. Story (Tim Kiladze)
Quebec software titan Louis Têtu marks second $1-billion valuation as Coveo raises milestone financing: Quebec City entrepreneur Louis Têtu has become one of the few Canadians to create two different billion-dollar technology companies after his latest firm, Coveo Solutions Inc., raised $227-million in an equity financing led by the Ontario Municipal Employees Retirement System. Story (Sean Silcoff)
New biotech fund spun out of BDC aims to raise $200-million after string of investment wins in Canada: A new Canadian-focused biotech venture fund spun out of Business Development Bank of Canada has raised more than $100-million as it aims to woo reluctant domestic investors to an asset class that has enjoyed one of its strongest years in Canada. Story (Sean Silcoff)
FINANCIAL SERVICES NEWS
Canadian robo-adviser Planswell shuts down after investors pull planned financing: Canadian robo-adviser Planswell is closing down after losing a $20-million round of funding from a group of investors that included Sun Life Financial Inc. Story (Clare O’Hara)
SoftBank takes a $4.6-billion hit from WeWork. Its CEO remains defiant: Masayoshi Son makes big bets. Over nearly four decades, the chief executive of SoftBank Group of Japan has spent vast amounts of money to build an investment empire that spans countries and industries and that has increasingly shaken up the technology world. Story (The New York Times)
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