AMERICAS
Wallbridge Mining, which is engaged in discovery, development and production of gold, copper, nickel and platinum group metal mineral deposits, completed the acquisition of Balmoral Resources, a Canadian-focused exploration company actively exploring a portfolio of gold and base metal properties located within the prolific Abitibi greenstone belt, for $82m. The existing Wallbridge and former Balmoral shareholders now own c. 82% and 18% of the issued and outstanding Wallbridge shares.
"The properties acquired from Balmoral dramatically increase our footprint in Quebec to 739 km2 of underexplored and highly-prospective ground that is clearly complementary to our rapidly expanding Fenelon gold project. As announced earlier this week, our exploration team has begun evaluating the newly-acquired properties, and drilling to identify extensions of the Fenelon gold system is planned to begin this summer," Marz Kord, Wallbridge President and CEO.
Balmoral Resources was advised by INFOR Financial, Blake Cassels & Graydon and Gowling WLG. Wallbridge was advised by Canaccord Genuity and Irwin Lowy.
Gran Colombia Gold, a Canadian-based mid-tier gold producer, terminated its $475m merger with Guyana Goldfields and Gold X, two gold mining companies, which was announced on May 11, 2020.
Guyana Goldfields entered into an amended agreement with Silvercorp Metals after that company upped its offer to $0.90 a share. Gran Colombia had offered to buy Guyana Goldfields at an exchange ratio of 0.142 of its shares for each Guyana share held, implying a value of $0.6 a share.
The Washington Companies, an industrial services provider, agreed to acquire Dominion Diamond Mines, a Canadian mining company, for $126m.
This transaction will ensure Dominion will be able to deliver on its plans to resume mining operations at the Ekati Diamond Mine, provide assurance to Dominion's employees, suppliers and the communities. It will also allow Dominion to pay or meet obligations owed to employees, and ensure compliance with all appropriate health, safety and environmental standards at Ekati and provide economic support to the communities in the Northwest Territories.
Dominion Diamond Mines is advised by Evercore, Blake Cassels & Graydon, McDermott Will & Emery and Sard Verbinnen & Co.
Bloomberg reported that Air Canada's bid for tour operator Transat faces an extended probe from European Union regulators who said the deal might hamper competition by combining the two biggest airlines linking Europe and Canada.
The European Commission set a September 30 deadline to rule on the deal, citing concerns that the "transaction could significantly reduce competition on 33 routes".
Air Canada is advised by Morgan Stanley.
CI Financial, a wealth management firm, completed the acquisition of the remaining 25% stake in WealthBar Financial Services, an online investment and financial planning firm. Financial terms were not disclosed.
"WealthBar and Virtual Brokers have posted strong growth and these changes will set the stage for further success. The unified CI Direct Investing brand will be consistent with the new branding strategy for CI Financial, making it clear that these platforms are part of a large, integrated asset and wealth management company," Kurt MacAlpine, CI CEO.
Liquidnet Holding explores a $1bn sale.
Liquidnet Holding, an operator of private trading venues, is eyeing a sale, value of which could reach $1bn, according to Bloomberg. The decision came a month after the resignation of Seth Merri, Liquidnet Founder and CEO.
Bidding is supposed to begin in early June. In the meantime, the company is working with a financial advisor to identify potential buyers.
Southern Power to acquire Beech Ridge II Wind Facility from Invenergy.
Southern Power, a US wholesale energy provider and a subsidiary of Southern Company, agreed to acquire Beech Ridge II Wind Facility from Invenergy, a developer, owner and operator of sustainable energy solutions. Financial terms were not disclosed.
"This project marks Southern Power's first renewable asset in the Mid-Atlantic region, and it is an important step in the continued growth of Southern Power's wind portfolio," Mark Lantrip, Southern Power CEO.
Guy Laliberte to buy back shares in Cirque du Soleil Entertainment Group.
Guy Laliberte is planning to buy back shares in Cirque du Soleil Entertainment Group three months after selling his remaining stake.
The group faced financial troubles after being hit by the coronavirus pandemic, leaving $900m of senior loans in its in hands due to cancelled shows. Laliberte announced that he knows people who can help with funding. The stake the investor would seek is uncertain.
EMEA
Development Partners International, a pan-African private equity firm, completed a $56m investment in SICAM, a Tunisian tomato processing and agri-business owned by The Bayahi Group.
"We are pleased to be investing in SICAM. The agri-business industry presents an excellent way for DPI to deliver both financial returns while making an impact on the lives of SICAM stakeholders," Runa Alam, DPI CEO.
DPI was advised by Ernst & Young, MATINE Consulting, Derenia Capital, Asafo & Co, Cabinet Hedda-Ellouze Ellouze & Belajouza-Felli and Edelman. The Bayahi Group was advised by InFirst Auditors and Cabinet Meziou Knani & Khlif.
Private equity firm Nordic Capital agreed to acquire Max Matthiessen, an advisor and broker within insurance, benefits, HR and savings in the Nordic region, from Willis Towers Watson, an Irish-domiciled global multinational risk management, insurance brokerage and advisory company. Financial terms were not disclosed.
"Max Matthiessen has a high-quality, talented team and is one of the leaders in the Nordic region. The company fits perfectly within Nordic Capital's sector focus and strategy for Financial Services. Nordic Capital is excited to partner with Max Matthiessen to support the company's growth journey. Going forward, the joint focus will be on scaling Max Matthiessen's operations and investing in organic as well as acquisitive growth. Together with the Company, Nordic Capital will support continued product innovation to the benefit of the customers and pension savers," Christian Frick, Nordic Capital Partner.
Nordic Capital is advised by Citigroup and Cederquist.
Voodoo's backers begin stake sale process. (FS)
Backers of Voodoo, a French mobile game developer, began the stake sale process, Bloomberg reported. The business overview has been already sent to prospective buyers and the bidding is expected to begin in early June. The transaction could value Voodoo at over $1.6bn.
In 2018 Co-Founders Alexandre Yazdi and Laurent Ritter sold a minority stake to Goldman Sachs fund named West Street Capital Partners VII. Now the decision to sell comes as a response to the global pandemic and lockdowns which promote mobile gaming.
Bernard Arnault to buy a stake in Arnaud Lagardere's holding company.
Reuters reported that Bernard Arnault, the billionaire behind luxury fashion group LVMH, agreed to buy a stake in the holding company of fellow French billionaire Arnaud Lagardere.
Lagardere's eponymous publishing and media group, locked in a stand-off with activist investor Amber Capital over the past four years, has been beefing up its defences by attracting allies as investors, including French media magnate Vincent Bollore and his Vivendi group.
Germany will offer Lufthansa a $9.8bn bailout.
Germany will offer Lufthansa, the largest German airline, a $9.8bn bailout that thrusts the state back into the heart of a company privatized with fanfare two decades ago, Bloomberg reported.
The aid package involves taking an initial 20% stake that could rise to a blocking minority of 25% plus one share in the event of a hostile takeover. The plan, which requires European Union approval and will almost certainly be challenged by rival airlines such as Ryanair, gives Germany an effective veto over company strategy.
German Finance Minister Olaf Scholz said the state’s investment would be temporary, but he also stressed that the timing of an exit would depend on the pace of Lufthansa’s economic recovery.
Russian central bank seeks to reverse a $1.5bn deal between Lukoil and Otkritie.
Russia’s central bank is seeking to reverse the $1.5bn diamond deal between Lukoil, a Russian multinational energy corporation, and Otkritie, a private financial group, as part of efforts to recover some state money spent on a bailout of Otkritie bank.
The central bank said contesting the deal would allow the state to reduce the funds spent on the Otkritie bank bailout.
APAC
Virgin Australia's lessors agreed to defer plane repossession. (FS)
Virgin Australia's administrators reached in-principle agreements with lessors to delay the repossession of aircraft until August 31 due to uncertainty about the purchase, as the affidavit shows. In the meantime, Bain Capital plans a second-round proposal to become the owner and operator of the airline, Bloomberg reported.
"We have the strongest capital base of any of the bidders. We know aviation isn't going to return to normal any time soon, but Bain Capital is here for the long haul with deep funding to navigate these difficult times," Mike Murphy, Bain Capital Managing Director.
Bain Capital is advised by KordaMentha and is supported by Jayne Hrdlicka, former CEO of Jetstar.
Netease and JD.com plan Hong Kong IPO in June.
Netease, a Chinese Internet technology company providing online services centered on content, community, communications and commerce, expects to float on June 11 while JD.com, a Chinese e-commerce company, plans to go public a week after, Bloomberg reported.
Both companies hope to get approvals for IPO on listing-committee hearing which will take place on Thursday. JD.com's stock sale could raise over $2bn, which could help get ahead of its rivals in China.
Wumei considers a Hong Kong IPO.
Wumei Holdings, a Chinese retail group, is considering an IPO in Hong Kong, Bloomberg reported. The company entered into discussions with potential advisors about floatation. Wumei owns Wumart Stores, a grocery operator, and B&Q, a home-improvement chain. It is unclear which businesses Wumei would like to list.
This year, companies raised $3.2bn with IPOs in the financial centre, placing it in fifth place after exchanges in mainland China and New York.
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