The Caisse de dépôt et placement du Québec is selling 2.5 million shares in Intact Financial Corp. for a gross price of $278.60 per share.
The transaction is expected to produce gross cash proceeds of roughly $696,500,000 from the offering. Overall, the deal represents 1.4 per cent of the issued and outstanding common shares in the firm.
“This transaction allows us to monetize a portion of these returns while retaining significant ownership in the company, based on our confidence in Intact’s growth prospects, including through several strategic operations based and managed in Quebec,” said Vincent Delisle, executive vice-president and head of liquid markets at the Caisse, in a press release.
Read: CPPIB investing in Brazil real estate, Intact acquisition approved
The Investment Management Corp. of Ontario is writing down a US$400 million investment in Swedish battery developer and manufacturer Northvolt, according to a report by Bloomberg.
The European firm filed for bankruptcy protection last year after failing to secure a new round of funding, leaving the company with low cash levels and a US$5.8 billion debt line, the report said. The investment organization bought convertible bonds in Northvolt, which in 2023 announced a plan to build a battery factory near Montreal.
The IMCO joined the Canada Pension Plan Investment Board, the Ontario Municipal Employees’ Retirement System and the Caisse de dépôt et placement du Québec by investing in Northvolt. The report said two pension investors — Sweden’s AP Funds and the Danish ATP Lifelong Pension fund — also wrote down their investments in the firm, while BlackRock Inc. marked down the value of a flagship fund due in part to Northvolt’s decline.
In other news, the British Columbia Investment Management Corp. is advancing a cash offer for a 100 per cent acquisition of Renewi in a deal to take the company private alongside Macquarie Asset Management, through Earth Bidco Ltd.
The deal for the European waste management company, which values the company at nearly £707 million, is being pursued through the BCI’s infrastructure and renewable resources program.
“In the context of sustainability and resource conservation, we believe Renewi is well positioned to support a more circular economy, helping to advance the EU’s targets under its Circular Economy Action Plan and maintain Europe’s position as a global leader in recycling,” said Lincoln Webb, executive vice-president and global head of infrastructure and renewable resources at the BCI, in a press release.
The BCI is also closing its sale for a majority stake in Hayfin Capital Management to Arctos Partners. In a press release, Jim Pittman, executive vice-president and global head of private equity at the BCI, said Hayfin has become a preeminent European alternative asset management firm with assets under management increasing from €8 billion when the BCI first invested in the firm to more than €33 billion.
“Seven years ago, we identified a unique opportunity early in the cycle to invest in the secular tailwinds behind private credit and back Hayfin’s growth by supporting the expansion of its platform capabilities and strategies,” Pittman said.
Read: Caisse invests $600M in Fiera Capital, BCI sells majority stake in Hayfin