A Bay Street sign hangs in front of the CN Tower in the financial district in Toronto.Mark Blinch/The Globe and Mail
Canada's Finance Minister plans to take a closer look at a decision by the country's banking regulator to crack down on the use of terms such as "banking" and "banker" among non-bank financial institutions. Story (subscribers)
The value of Canadian oil patch deals dwindled in the second quarter, but one trend remained dominant: foreign players bailing out the sector. Story (subscribers)
Underwriters had little trouble selling Hydro One Ltd.'s $1.4-billion bought deal, which was announced last week with the utility's $4.4-billion acquisition of U.S.-based Avista Corp. Story (subscribers)
Canada's pool of major pension fund investors is getting a little deeper with the launch of an organization that will gather up fund assets in Ontario. Story(subscribers)
DEALS
Florida's Rayonier Advanced Materials Inc. has raised its offer price for Montreal forest-product company Tembec Inc. to $4.75 a share, earning the support of major Tembec investors Oaktree Capital Management L.P. and Restructuring Capital Associates L.P. for a deal valued at $475-million excluding debt. Story
Private equity firm KKR & Co has agreed to buy WebMD Health Corp in a deal valued at about $2.8-billion, bringing a slew of popular online health information websites under one umbrella. Story
OMERS Private Equity has signed a deal to sell software company Civica to investment manager Partners Group for £1.055-billion or roughly $1.72-billion. Story
WHAT WE'RE READING
2017 is shaping up to be a rough year for sports journalism. But the founders of the Athletic, an 18-month-old online sports publication, see opportunity in the struggles of the biggest companies. As the news of the cuts kept coming at legacy media companies, co-founders Alex Mather and Adam Hansmann, who have no previous journalism experience, hastily pulled together $5.8-million (U.S.) in new capital from investors, in a round they closed last week. Bloomberg
Five questions with John Ruffolo, CEO of OMERS Ventures PE Hub
Y Combinator is in the process of raising up to $1-billion (U.S.) for its newest VC fund, as first reported by Axios. The massive vehicle illustrates YC's expanded investment thesis: The firm was founded as a startup accelerator and has since become the quintessential Silicon Valley seed-stage incubator (notable graduates include Dropbox and Airbnb), but over the last several years it's also become a big-time venture investor in later stage companies. Pitchbook
IN CASE YOU MISSED IT
Willis: Selling public utilities is controversial but necessary Story (subscribers)